CONNECTONE BANCORP, INC., 10-K filed on 2/21/2025
Annual Report
v3.25.0.1
Document And Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2024
Feb. 21, 2025
Jun. 30, 2024
Document Information [Line Items]      
Entity Central Index Key 0000712771    
Entity Registrant Name ConnectOne Bancorp, Inc.    
Amendment Flag false    
Current Fiscal Year End Date --12-31    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2024    
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Document Transition Report false    
Entity File Number 000-11486    
Entity Incorporation, State or Country Code NJ    
Entity Tax Identification Number 52-1273725    
Entity Address, Address Line One 301 Sylvan Avenue    
Entity Address, City or Town Englewood Cliffs    
Entity Address, State or Province NJ    
Entity Address, Postal Zip Code 07632    
City Area Code 844    
Local Phone Number 266-2548    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 679,100,000
Entity Common Stock, Shares Outstanding   38,374,263  
Auditor Firm ID 173    
Auditor Name Crowe LLP    
Auditor Location Livingston, New Jersey    
Depositary Shares [Member]      
Document Information [Line Items]      
Title of 12(b) Security Depositary Shares (each representing a 1/40th interest in a share of 5.25% Series A Non-Cumulative, perpetual preferred stock)    
Trading Symbol CNOBP    
Security Exchange Name NASDAQ    
Common Stock [Member]      
Document Information [Line Items]      
Title of 12(b) Security Common Stock, no par value    
Trading Symbol CNOB    
Security Exchange Name NASDAQ    
v3.25.0.1
Consolidated Statements of Financial Condition - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Assets [Abstract]    
Cash and due from banks $ 57,816 $ 61,421
Interest-bearing deposits with banks 298,672 181,293
Cash and cash equivalents 356,488 242,714
Investment securities 612,847 617,162
Equity securities 20,092 18,564
Loans held-for-sale 743 0
Loans receivable 8,274,810 8,345,145
Less: Allowance for credit losses - loans 82,685 81,974
Net loans receivable 8,192,125 8,263,171
Investment in restricted stock, at cost 40,449 51,457
Bank premises and equipment, net 28,447 30,779
Accrued interest receivable 45,498 49,108
Bank owned life insurance 243,672 237,644
Right of use operating lease assets 14,489 12,007
Goodwill 208,372 208,372
Other Assets 111,739 118,751
Total assets 9,879,600 9,855,603
Deposits:    
Noninterest-bearing 1,422,044 1,259,364
Interest-bearing 6,398,070 6,276,838
Total deposits 7,820,114 7,536,202
Borrowings 688,064 933,579
Subordinated debentures, net of debt issuance costs 79,944 79,439
Operating lease liabilities 15,498 13,171
Other Liabilities 34,276 76,592
Total liabilities 8,637,896 8,638,983
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY    
Preferred Stock, no par value; $1,000 per share liquidation preference; Authorized 5,000,000 shares; issued 115,000 shares as of December 31, 2024 and as of December 31, 2023; outstanding 115,000 shares as of December 31, 2024 and as of December 31, 2023 110,927 110,927
Common stock, no par value: Authorized 100,000,000 shares; issued 42,255,865 shares as of December 31, 2024 and 42,122,948 shares as of December 31, 2023; outstanding 38,370,317 shares as of December 31, 2024 and 38,519,770 as of December 31, 2023 586,946 586,946
Additional paid-in capital 36,347 33,182
Retained earnings 631,446 590,970
Treasury stock, at cost 3,885,548 shares as of December 31, 2024 and 3,603,178 shares as of December 31, 2023 (76,116) (70,296)
Accumulated other comprehensive loss (47,846) (35,109)
Total stockholders’ equity 1,241,704 1,216,620
Total liabilities and stockholders’ equity 9,879,600 9,855,603
Core Deposits [Member]    
Assets [Abstract]    
Core deposit intangibles $ 4,639 $ 5,874
v3.25.0.1
Consolidated Statements of Financial Condition (Parentheticals) - $ / shares
Dec. 31, 2024
Dec. 31, 2023
Preferred Stock, No Par Value (in dollars per share) $ 0 $ 0
Peferred Stock, Liquidation Preference Per Share (in dollars per share) $ 1,000 $ 1,000
Preferred Stock, Shares Authorized (in shares) 5,000,000 5,000,000
Preferred Stock, Shares Issued (in shares) 115,000 115,000
Preferred Stock, Shares Outstanding (in shares) 115,000 115,000
Common Stock, No Par Value (in dollars per share) $ 0 $ 0
Common Stock, Shares Authorized (in shares) 100,000,000 100,000,000
Common Stock, Shares, Issued (in shares) 42,255,865 42,122,948
Common Stock, Shares, Outstanding (in shares) 38,370,317 38,519,770
Treasury Stock, Common, Shares (in shares) 3,885,548 3,603,178
v3.25.0.1
Consolidated Statements of Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Interest and fees on loans $ 477,859 $ 453,992 $ 352,993
Interest and dividends on investment securities:      
Taxable 18,561 16,666 12,712
Tax-exempt 4,503 4,641 3,893
Dividends 4,349 3,662 1,655
Interest on federal funds sold and other short-term investments 12,617 11,104 2,493
Total interest income 517,889 490,065 373,746
Interest expense:      
Deposits 244,846 206,176 50,561
Borrowings 25,706 28,783 21,066
Total interest expense 270,552 234,959 71,627
Net interest income 247,337 255,106 302,119
Provision for credit losses 13,800 8,200 17,750
Net interest income after provision for credit losses 233,537 246,906 284,369
Noninterest income:      
Deposit, loan and other income 6,861 6,098 7,472
Income on bank owned life insurance 7,142 6,316 5,597
Net gains on sale of loans held-for-sale 2,723 1,704 1,695
Net gains (losses) on equity securities 2 (117) (1,521)
Total noninterest income 16,728 14,001 13,243
Noninterest expense:      
Salaries and employee benefits 90,053 88,223 80,717
Occupancy and equipment 11,615 10,884 9,865
FDIC insurance 7,200 8,365 2,881
Professional and consulting 8,447 7,547 8,053
Marketing and advertising 2,420 1,965 1,692
Information technology and communications 17,574 14,340 11,108
Merger expenses 1,605 0 0
Branch closing expenses 477 0 0
Amortization of core deposit intangible 1,235 1,438 1,685
Increase in value of acquisition price 0 0 1,516
Other expenses 11,172 11,187 8,871
Total noninterest expenses 151,798 143,949 126,388
Income before income tax expense 98,467 116,958 171,224
Income tax expense 24,674 29,955 46,013
Net income 73,793 87,003 125,211
Preferred dividends 6,036 6,036 6,037
Net income available to common stockholders $ 67,757 $ 80,967 $ 119,174
Earnings per common share:      
Basic (in dollars per share) $ 1.77 $ 2.08 $ 3.03
Diluted (in dollars per share) $ 1.76 $ 2.07 $ 3.01
v3.25.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net income $ 73,793 $ 87,003 $ 125,211
Net unrealized holding (losses) gains on available-for-sale-securities arising during period (11,856) 3,940 (61,291)
Net unrealized (losses) gains on cash flow hedges (2,329) (7,550) 29,954
Pension plan adjustments 1,448 865 377
Total other comprehensive loss, net of tax (12,737) (2,745) (30,960)
Total comprehensive income $ 61,056 $ 84,258 $ 94,251
v3.25.0.1
Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Thousands
Performance Shares [Member]
Preferred Stock [Member]
Performance Shares [Member]
Common Stock [Member]
Performance Shares [Member]
Additional Paid-in Capital [Member]
Performance Shares [Member]
Retained Earnings [Member]
Performance Shares [Member]
Treasury Stock, Common [Member]
Performance Shares [Member]
AOCI Attributable to Parent [Member]
Performance Shares [Member]
Restricted Stock Units (RSUs) [Member]
Preferred Stock [Member]
Restricted Stock Units (RSUs) [Member]
Common Stock [Member]
Restricted Stock Units (RSUs) [Member]
Additional Paid-in Capital [Member]
Restricted Stock Units (RSUs) [Member]
Retained Earnings [Member]
Restricted Stock Units (RSUs) [Member]
Treasury Stock, Common [Member]
Restricted Stock Units (RSUs) [Member]
AOCI Attributable to Parent [Member]
Restricted Stock Units (RSUs) [Member]
Preferred Stock [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Treasury Stock, Common [Member]
AOCI Attributable to Parent [Member]
Total
Balance at Dec. 31, 2021                             $ 110,927 $ 586,946 $ 27,246 $ 440,169 $ (39,672) $ (1,404) $ 1,124,212
Net income                             0 0 0 125,211 0 0 125,211
Other comprehensive income (loss), net of tax                             0 0 0 0 0 (30,960) (30,960)
Cash dividends declared on preferred stock                             0 0 0 (6,037) 0 0 (6,037)
Cash dividends declared on common stock                             0 0 0 (23,428) 0 0 (23,428)
Exercise of stock options                             0 0 124 0 0 0 124
Restricted stock grants, net of forfeitures                             0 0 0 0 0 0 0
Stock grants                             0 0 0 0 0 0 0
Net shares issued in satisfaction of units earned $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0               0 0 0 0 0 0 0
Share redemption for tax withholdings on performance units and deferred stock units earned                             0 0 (2,133) 0 0 0 (2,133)
Repurchase of stock                             0 0 0 0 (13,127) 0 (13,127)
Stock-based compensation expense                             0 0 4,889 0 0 0 4,889
Balance at Dec. 31, 2022                             110,927 586,946 30,126 535,915 (52,799) (32,364) 1,178,751
Net income                             0 0 0 87,003 0 0 87,003
Other comprehensive income (loss), net of tax                             0 0 0 0 0 (2,745) (2,745)
Cash dividends declared on preferred stock                             0 0 0 (6,036) 0 0 (6,036)
Cash dividends declared on common stock                             0 0 0 (25,912) 0 0 (25,912)
Exercise of stock options                             0 0 96 0 0 0 96
Restricted stock grants, net of forfeitures                             0 0 0 0 0 0 0
Stock grants                             0 0 0 0 0 0 0
Net shares issued in satisfaction of units earned 0 0 0 0 0 0 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0              
Share redemption for tax withholdings on performance units and deferred stock units earned                             0 0 (1,900) 0 0 0 (1,900)
Repurchase of stock                             0 0 0 0 (17,497) 0 (17,497)
Stock-based compensation expense                             0 0 4,860 0 0 0 4,860
Balance at Dec. 31, 2023                             110,927 586,946 33,182 590,970 (70,296) (35,109) 1,216,620
Net income                             0 0 0 73,793 0 0 73,793
Other comprehensive income (loss), net of tax                             0 0 0 0 0 (12,737) (12,737)
Cash dividends declared on preferred stock                             0 0 0 (6,036) 0 0 (6,036)
Cash dividends declared on common stock                             0 0 0 (27,281) 0 0 (27,281)
Restricted stock grants, net of forfeitures                             0 0 0 0 0 0 0
Stock grants                             0 0 0 0 0 0 0
Net shares issued in satisfaction of units earned $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0              
Share redemption for tax withholdings on performance units and deferred stock units earned                             0 0 (1,403) 0 0 0 (1,403)
Repurchase of stock                             0 0 0 0 (5,820) 0 (5,820)
Stock-based compensation expense                             0 0 4,568 0 0 0 4,568
Balance at Dec. 31, 2024                             $ 110,927 $ 586,946 $ 36,347 $ 631,446 $ (76,116) $ (47,846) $ 1,241,704
v3.25.0.1
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Performance Shares [Member]      
Net shares issued in satisfaction of units earned, shares (in shares) 24,070 52,353 22,350
Restricted Stock Units (RSUs) [Member]      
Net shares issued in satisfaction of units earned, shares (in shares) 37,542 36,006  
Cash dividend declared on preferred stock, per share (in dollars per share) $ 1.3125 $ 1.3125 $ 1.3125
Cash dividends declared on common stock, per share (in dollars per share) $ 0.71 $ 0.665 $ 0.595
Exercise of options, shares (in shares)   7,388 15,086
Restricted stock grants, shares (in shares) 69,772 84,057 53,169
Stock grants, shares (in shares) 1,533 995 153
Net shares issued in satisfaction of units earned, shares (in shares)     31,383
Repurchase of treasury stock, shares (in shares) 282,370 904,152 447,108
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income $ 73,793 $ 87,003 $ 125,211
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization of premises and equipment 4,422 4,503 3,863
Provision for credit losses 13,800 8,200 17,750
Amortization of intangibles 1,235 1,438 1,685
Net accretion of loans (879) (1,904) (3,178)
Accretion on bank premises (49) (49) (49)
Accretion on deposits (88) (279) (777)
Amortization on borrowings 22 21 40
Net deferred income tax (benefit) expense (2,040) 4,135 (403)
Stock-based compensation 4,568 4,860 4,889
Change in fair value of equity securities, net (2) 117 1,521
Gain on sale of loans held-for-sale, net (2,723) (1,704) (1,695)
Net losses on disposition of fixed assets 477 0 22
Gain on sale of other real estate owned 0 22 6
Loans originated for resale (29,340) (26,153) (21,128)
Proceeds from sale of loans held-for-sale 31,320 36,645 28,341
Increase in cash surrender value of bank owned life insurance (7,142) (6,316) (5,597)
Amortization of premiums on investment securities, net 793 1,030 2,155
Amortization of subordinated debt issuance costs 505 1,184 304
Decrease (increase) in accrued interest receivable 3,610 (3,046) (11,910)
Net change in operating leases (155) (54) (182)
Decrease (increase) in other assets 8,691 (7,514) (12,413)
(Increase) decrease in other liabilities (40,118) (9,248) 48,322
Net cash provided by operating activities 60,700 92,891 176,777
Cash flows from investing activities      
Purchases (80,519) (42,143) (339,059)
Maturities, calls and principal repayments 69,651 64,550 150,287
Net redemptions (purchases) of restricted investment in bank stocks 11,008 (4,853) (18,778)
Purchases of equity securities (1,526) (2,870) (3,538)
Loans held-for-sale payments 0 25 54
Net decrease (increase) in loans 57,941 (255,556) (1,292,938)
Cash flow hedge premium payment 0 0 (6,965)
Purchases of premises and equipment (3,793) (7,433) (3,301)
Purchases of bank owned life insurance 0 0 (30,000)
Proceeds from BOLI death benefits 1,114 0 0
Proceeds from disposition of fixed assets 1,275 0 697
Proceeds from sale of other real estate owned 0 242 309
Net cash provided by (used in) investing activities 55,151 (248,038) (1,543,232)
Cash flows from financing activities      
Net increase in deposits 284,000 179,859 1,024,446
Repayment of subordinated debt 0 (75,000) 0
Advances of Federal Holme Loan Bank ("FHLB") borrowings 866,529 2,946,500 4,203,181
Repayments of FHLB borrowings (1,112,066) (2,870,564) (3,813,792)
Cash dividends paid on preferred stock (6,036) (6,036) (6,037)
Cash dividends paid on common stock (27,281) (25,912) (23,428)
Purchase of treasury stock (5,820) (17,497) (13,127)
Proceeds from exercise of stock options 0 96 124
Share redemption for tax withholdings on performance units and deferred stock units earned (1,403) (1,900) (2,133)
Net cash (used in) provided by financing activities (2,077) 129,546 1,369,234
Net change in cash and cash equivalents 113,774 (25,601) 2,779
Cash and cash equivalents at beginning of period 242,714 268,315 265,536
Cash and cash equivalents at end of period 356,488 242,714 268,315
Supplemental disclosures of cash flow information:      
Interest paid 270,946 230,806 67,850
Income taxes paid 24,001 31,647 49,234
Supplemental disclosures of noncash investing activities:      
Transfer of loans to other real estate owned 0 0 579
Transfer of loans held-for-sale to loans held-for-investment 0 16,156 8,043
Transfer of loans held-for-investment to loans held-for-sale $ 0 $ 11,197 $ 27,137
v3.25.0.1
Note 1a - Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Note 1a – Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies

 

Nature of Operations

 

ConnectOne Bancorp, Inc. (the “Parent Corporation”) is incorporated under the laws of the State of New Jersey and is a registered bank holding company under the Bank Holding Company Act of 1956, as amended (the “BHCA”). The Parent Corporation’s business currently consists of the operation of its wholly-owned subsidiary, ConnectOne Bank (the “Bank” and, collectively with the Parent Corporation and the Parent Corporation’s subsidiaries, the “Company”) and making certain limited investments. The Bank’s direct and indirect subsidiaries include Union Investment Co. (a New Jersey investment company), Twin Bridge Investment Co. (a Delaware investment company), ConnectOne Preferred Funding Corp. (a New Jersey real estate investment trust), Center Financial Group, LLC (a New Jersey financial services company), Center Advertising, Inc. (a New Jersey advertising company), Morris Property Company, LLC, (a New Jersey limited liability company), Volosin Holdings, LLC, (a New Jersey limited liability company), NJCB Spec-1, LLC (a New Jersey limited liability company), Port Jervis Holdings, LLC (a New Jersey limited liability company), BONJ Special Properties, LLC (a New Jersey limited liability company) and BoeFly, Inc. (a New Jersey financial technology company).

 

The Bank is a community-based, full-service New Jersey-chartered commercial bank that was founded in 2005. The Bank operates from its headquarters located at 301 Sylvan Avenue in the Borough of Englewood Cliffs, Bergen County, New Jersey and through its 23 other banking offices. Substantially all loans are secured with various types of collateral, including business assets, consumer assets and commercial/residential real estate. Each borrower’s ability to repay its loans is dependent on the conversion of assets, cash flows generated from the borrowers’ business, real estate rental and consumer wages.

 

Basis of Presentation and Principals of Consolidation

 

The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles. The consolidated financial statements of the Parent Corporation are prepared on an accrual basis and include the accounts of the Parent Corporation and the Company. All significant intercompany accounts and transactions have been eliminated from the accompanying consolidated financial statements.

 

Segments

 

FASB ASC 28, “Segment Reporting,” requires companies to report certain information about operating segments. The Company is managed as one segment: a community bank. All decisions including but not limited to loan growth, deposit funding, interest rate risk, credit risk and pricing are determined after assessing the effect on the totality of the organization. For example, loan growth is dependent on the ability of the organization to fund this growth through deposits or other borrowings. As a result, the Company is managed as one operating segment.

 

Use of Estimates

 

In preparing the consolidated financial statements, management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the consolidated statements of condition and that affect the results of operations for the periods presented. Actual results could differ significantly from those estimates.

 

 

 

 

Cash and Cash Equivalents

 

Cash and cash equivalents include cash, deposits with other financial institutions with maturities of less than 90 days, and federal funds sold. Net cash flows are reported for client loan and deposit transactions, interest-bearing deposits in other financial institutions, and federal funds purchased and repurchase agreements.

 

Investment Securities

 

The Company accounts for its investment securities in accordance with FASB ASC 320, “Investments-Debt and Equity Securities”. Investments are classified into the following categories: (1) held-to-maturity securities, for which the Company has both the positive intent and ability to hold until maturity, which are reported at amortized cost; (2) trading securities, which are purchased and held principally for the purpose of selling in the near term and are reported at fair value with unrealized gains and losses included in earnings; and (3) available-for-sale securities, which do not meet the criteria of the other two categories and which management believes may be sold prior to maturity due to changes in interest rates, prepayment risk, liquidity or other factors, and are reported at fair value, with unrealized gains and losses, net of applicable income taxes, reported as a component of accumulated other comprehensive income, which is included in stockholders’ equity and excluded from earnings.

 

Investment securities are adjusted for amortization of premiums and accretion of discounts as adjustments to interest income, which are recognized on a level yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Investment securities gains or losses are determined using the specific identification method.

 

Investment securities available-for-sale are carried at fair value, with unrealized holding gains and losses reported in comprehensive income, net of tax. Interest income includes amortization of purchase premiums or discounts. Premiums and discounts on securities are generally amortized using the level-yield method without estimating prepayments, except for mortgage-backed securities, where prepayment rates are estimated. Premiums on callable investment securities are amortized to their earliest call date. Gains and losses on sales of securities are recorded on the trade date and determined using the specific identification method.

 

 

 

For available-for-sale investment securities which are in an unrealized loss position, the Company will first assess whether we intend to sell, or it is more likely than not, that we will be required to sell the security before recovery of the amortized cost basis. If either of the criteria is met, the amortized cost basis of the security is written down to fair value through income. For available-for-sale investment securities that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from an actual or estimated credit loss event or other factors. In making this assessment, we consider the extent to which fair value is less than amortized cost, changes to the rating of the security, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss is likely, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, an allowance for credit losses is recorded for the estimated credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit loss is recognized in other comprehensive income, net of tax. The Company elected the practical expedient of zero loss estimates for securities issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major agencies and have a long history of no credit losses.

 

Equity Securities

 

The Company’s investments in equity securities are recorded at fair value, with unrealized gains and losses included in earnings.

 

Loans Held-for-Sale

 

Residential mortgage loans, originated and intended for sale in the secondary market, are carried at the lower of aggregate cost or estimated fair value as determined by outstanding commitments from investors. For these loans originated and intended for sale, gains and losses on loan sales (sale proceeds minus carrying value) are recorded in other income and direct loan origination costs and fees are deferred at origination of the loan and are recognized in other income upon sale of the loan.

 

Other loans held-for-sale are carried at the lower of aggregate cost or estimated fair value. Fair value on these loans is determined based on the terms of the loan, such as interest rate, maturity date, and reset term, as well as sales of similar assets.

 

Loans

 

Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs, purchase premium and discounts and an allowance for credit losses. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments.

 

Loan segments are defined as a group of loans, which share similar initial measurement attributes, risk characteristics, and methods for monitoring and assessing credit risk. Management has determined that the Company has five segments of loans: commercial, commercial real estate, commercial construction, residential real estate (including home equity) and consumer.

 

 

Loans that are 90 days past due are placed on nonaccrual and previously accrued interest is reversed and charged against interest income unless the loans are both well-secured and in the process of collection. Past due status is based on the contractual terms of the loan. In certain cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Nonaccrual loans include both smaller balance homogeneous loans that are collectively evaluated for credit losses and loans individually analyzed for credit losses.

 

All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.

 

The policy of the Company is to grant commercial, residential and consumer loans to residents and businesses within the market-areas served by its offices in New Jersey, New York and Florida. The borrowers’ abilities to repay their obligations are dependent upon various factors including the borrowers’ income and net worth, cash flows generated by the borrowers’ underlying collateral, value of the underlying collateral, and priority of the lender’s lien on the property. Such factors are dependent upon various economic conditions and individual circumstances beyond the control of the Company. The Company is therefore subject to risk of loss. The Company believes its lending policies and procedures adequately minimize the potential exposure to such risks and that adequate provisions for credit losses are provided for all known and inherent risks. Collateral and/or personal guarantees are required for a large majority of the Company’s loans.

 

Allowance for Credit Losses

 

The allowance for credit losses is an estimate of current expected credit losses considering available information relevant to assessing the collectability of cash flows over the contractual term of the financial assets necessary to cover lifetime expected credit losses inherent in financial assets at the balance sheet date. The measurement of expected credit losses is applicable to loans receivable and investment securities measured at amortized cost. It also applies to off-balance-sheet credit exposures such as loan commitments and unused lines of credit. Loan losses are charged against the allowance for credit losses when the Company believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance for credit losses. The allowance is established through a provision for credit losses that is charged against income. The methodology for determining the allowance for credit losses is considered a critical accounting policy by management because of the high degree of judgment involved, the subjectivity of the assumptions used, and the potential for changes in the forecasted economic environment that could result in changes to the amount of the recorded allowance for credit losses. The expected credit loss for unfunded loan commitments is reported on the consolidated statement of financial condition in other liabilities.

 

For financial assets, the allowance for credit losses is a valuation account that is deducted from, or added to, the amortized cost basis of the financial assets to present the net amount expected to be collected on the financial assets. The Company's methodology to estimate the allowance for credit losses has two components: (i) a collective reserve component for estimated lifetime expected credit losses for pools of loans that share common risk characteristics and (ii) an individual reserve component for loans that do not share common risk characteristics. The Company maintains an allowance for unfunded credit commitments mainly consisting of undisbursed non-cancellable lines of credit, new loan commitments and commercial letters of credit.

 

Information relevant to establishing an estimate of current expected credit losses includes historical credit loss experience on financial assets with similar risk characteristics, current conditions, and reasonable and supportable forecasts that affect the collectability of the remaining cash flows over the contractual term of the financial assets. The Company reports in net income (as a credit loss expense) the amount necessary to adjust the allowance for credit losses and liabilities for credit losses on off-balance-sheet credit exposures for the current estimate of expected credit losses.

 

 

Expected credit losses of financial assets are measured on a collective (pool) basis when similar risk characteristic(s) exist. If the Company determines that a financial asset does not share risk characteristics with other financial assets, the Company will evaluate the financial asset for expected credit losses on an individual basis. Financial assets are assessed once, either through collective assessments or individual assessments. Standard expected losses are evaluated on a collective, or pool, basis when financial assets share similar risk characteristics. For pooled loan segments, utilizing a quantitative analysis, the Company calculates estimated credit losses using a probability of default and loss given default methodology, the results of which are applied to the aggregated discounted cash flow of each individual loan within the segment. In the absence of relevant and reliable internal data, probability of default and loss given default rates are determined using peer data. The point in time probability of default and loss given default are then conditioned by macroeconomic scenarios to incorporate reasonable and supportable forecasts that affect the collectability of the reported amount. Financial assets may be segmented based on one characteristic, or a combination of characteristics. Examples of risk characteristics relevant to the Company’s evaluation include, but were not limited to: (1) Internal or external credit scores or credit ratings, (2) Risk ratings or classifications, (3) Financial asset type, (4) Collateral type, (5) Size, (6) Effective interest rate, (7) Term, (8) Geographical location, (9) Industry of the borrower and (10) Vintage.

 

The Company’s quantitative analysis also considers relevant available information from internal and external sources related to past events and current conditions, as well as the incorporation of reasonable and supportable forecasts. The Company evaluates a variety of factors including third party economic forecasts, industry trends and other available published economic information in arriving at its forecasts. After the reasonable and supportable forecast period, the Company reverts, on a straight-line basis, to average historical losses. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate.

 

Included in the allowance for credit losses are qualitative reserves to cover losses that are expected but, in the Company’s assessment, may not be adequately represented in the quantitative analysis or the forecasts described above. Each qualitative loss factor, for each loan segment within the portfolio, incorporates consideration for a minimum to maximum range for loss factors derived from either the Company’s historical loss experience, or peer group historical charge-off experience. These qualitative factor adjustments may increase or decrease the Company’s estimate of expected credit losses and are applied to each loan segment.

 

The Bank evaluates individual instruments for expected credit losses when those instruments do not share similar risk characteristics with instruments evaluated using a collective (pooled) basis. The Company evaluates the pooling methodology at least annually. Loans transition from defined segments to individual analysis when credit characteristics, or risk traits, change in a material manner. A loan is considered for individual analysis when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by the Company in determining individual analysis include payment status and the probability of collecting scheduled principal and interest payments, when due.

 

Nonaccrual loans that are $250,000 or higher and all purchased credit-deteriorated ("PCD") loans are individually analyzed. Loans that are designated as nonaccrual with balances of less than $250,000 are collectively evaluated, and, accordingly, are not separately identified for analysis or disclosures. Individual analysis will establish an individually evaluated allowance for instruments in scope.

 

 For collateral dependent loans, when it is determined that a foreclosure is probable, the allowance for credit losses is determined on a loan level basis using the fair value of the collateral as of the reporting date, less estimated disposition costs (“net fair value”), which will ensure that the credit loss is not delayed until the time at which the actual foreclosure takes place. In the event that this fair value is less than then amortized cost basis of these specific loans, the Company will recognize the difference between the net fair value at the reporting date and the amortized cost basis in the allowance for credit losses. If the fair value of the collateral has increased as of the evaluation date, the increase in the fair value of the collateral is reflected through a reduction in the allowance for credit losses. Adjustments for estimated disposition costs are not appropriate when the repayment of a collateral-dependent loan is expected from the operation of the collateral. If repayment is based upon future expected cash flows, the present value of the expected future cash flows discounted at the loan’s original effective interest rate is compared to the carrying value of the loan, and any shortfall is recorded as the allowance for credit losses. The effective interest rate used to discount expected cash flows is adjusted to incorporate expected prepayments, if applicable.

 

 

Purchased Credit-Deteriorated Loans

 

Loans acquired in a business combination that have experienced a more-than-significant deterioration in credit quality since origination are considered PCD loans. The Company evaluates acquired loans for deterioration in credit quality based on any of, but not limited to, the following: (1) non-accrual status; ; (2) risk ratings of special mention, substandard or doubtful; (3) watchlist credits; and (4) delinquency status, including loans that were current on acquisition date, but had been previously delinquent. At the acquisition date, an estimate of expected credit losses is made for groups of PCD loans with similar risk characteristics and individual PCD loans without similar risk characteristics. This initial allowance for credit losses is allocated to individual PCD loans and added to the purchase price or acquisition date fair values to establish the initial amortized cost basis of the PCD loans. As the initial allowance for credit losses is added to the purchase price, there is no credit loss expense recognized upon acquisition of a PCD loan. Any difference between the unpaid principal balance of PCD loans and the amortized cost basis is considered to relate to noncredit factors and results in a discount or premium, which is recognized through interest income on a level-yield basis over the lives of the related loans.

 

PCD loans that met the criteria for nonaccrual may be considered performing, regardless of whether the client is contractually delinquent, if management can reasonably estimate the timing and amount of the expected cash flows on such loans and if management expects to fully collect the new carrying value of the loans. As such, management may no longer consider the loans to be nonaccrual or nonperforming and may accrue interest on these loans, including the impact of any accretable discount.

 

Derivatives

 

Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in noninterest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged.

 

The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended.

 

When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as noninterest income. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transactions will affect earnings.

 

 

Restricted Stock

 

The Bank is a member of the Federal Home Loan Bank (“FHLB”) of New York. Members are required to own a certain amount of stock based on the level of borrowings and other factors and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Cash dividends on the stock are reported as income.

 

Transfers of Financial Assets

 

Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.

 

Premises and Equipment

 

Land is carried at cost and premises and equipment are stated at cost less accumulated depreciation. Buildings and related components are depreciated using the straight-line method with useful lives ranging from 4 to 30 years. Leasehold improvements are depreciated using the straight-line method over the terms of the respective leases, or the estimated useful lives of the improvements, whichever is shorter. Furniture, fixtures and equipment are depreciated using the straight-line method with useful lives ranging from 3 to 10 years.

 

Leases

 

Leases are classified as operating or finance leases at the lease commencement date. Lease expense for operating leases and short-term leases is recognized on a straight-line basis over the lease team. The Company includes lease extension and termination options in the lease term if, after considering relevant economic factors, it is reasonably certain the Company will exercise the option.

 

Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of the lease payments over the lease term. The Company uses its incremental borrowing rate at lease commencement to calculate the present value of lease payments when the rate implicit in a lease is not known. The Company has elected not to recognize leases with original terms of 12 months or less on the consolidated balance sheet.

 

Other Real Estate Owned

 

Other real estate owned (“OREO”), representing property acquired through foreclosure or deed in lieu and held-for-sale, is initially recorded at fair value less cost to sell at the date of acquisition, establishing a new cost basis. Subsequently, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Costs relating to holding the assets are charged to expenses.

 

Employee Benefit Plans

 

The Company has a noncontributory pension plan that covered all eligible employees up until September 30, 2007, at which time the Company froze its defined benefit pension plan. As such, all future benefit accruals in this pension plan were discontinued and all retirement benefits that employees would have earned as of September 30, 2007 were preserved. The Company’s policy is to fund at least the minimum contribution required by the Employee Retirement Income Security Act of 1974. The costs associated with the plan are accrued based on actuarial assumptions and included in salaries and employee benefits expense.

 

 

The Company accounts for its defined benefit pension plan in accordance with FASB ASC 715-30. This standard requires that the funded status of defined benefit postretirement plans be recognized on the Company’s statement of financial condition and changes in the funded status be reflected in other comprehensive income. This standard also requires companies to measure the funded status of the plan as of the date of its fiscal year-end.

 

The Company maintains a 401(k)-employee savings plan to provide for defined contributions which covers substantially all employees of the Company. Employee 401(k) and profit-sharing plan expense is the amount of matching contributions.

 

Stock-Based Compensation

 

FASB ASC 718 “Compensation-Stock Compensation”, requires that the compensation cost related to share-based payment transactions be recognized in financial statements. That cost will be measured based on the grant date fair value of the equity or liability instruments issued. The stock compensation accounting guidance covers a wide range of share-based compensation arrangements including stock options, restricted share plans, performance-based awards, share appreciation rights and employee share purchase plans.

 

Stock compensation accounting guidance requires that compensation cost for all stock awards be calculated and recognized over the employees’ service period, generally defined as the vesting period. For awards with graded-vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. See Note 18 of the Notes to Consolidated Financial Statements for further discussion.

 

Treasury Stock

 

Subject to certain regulatory limitations applicable to the Parent Corporation, treasury stock purchases may be made from time to time as, in the opinion of management, market conditions warrant, in the open market or in privately negotiated transactions. Shares repurchased are added to the corporate treasury and will be used for future stock dividends and other issuances. The repurchased shares are recorded as treasury stock, which results in a decrease in stockholders’ equity. Treasury stock is recorded using the cost method and accordingly is presented as a reduction of stockholders’ equity. During the years ended December 31, 2024 and December 31, 2023, the Parent Corporation repurchased 283,270 and 904,152 shares, respectively, under board-approved share repurchase programs.

 

On August 16, 2022, The Inflation Reduction Act, P.L. 117-169, was signed into law. The act included a new Sec. 4501 that imposes an excise tax on certain repurchases of stock by publicly traded corporations.

 

In general, and before considering exceptions, the amount of the excise tax is equal to 1% of (1) the aggregate fair market value (FMV) of stock repurchased by a corporation, over (2) the aggregate FMV of stock issued by the corporation, in each case, during the tax year. The excise tax applies to repurchases of stock by corporations beginning after December 31, 2022. The excise tax is not deductible for purposes of computing U.S. federal income tax (Sec. 275(a)(6)).

 

On December 27, 2022, Treasury and the IRS released Notice 2023-2, which announced that they intend to issue proposed regulations with respect to the excise tax. The notice provides interim guidance that Treasury and the Service generally intend to include in the proposed regulations, including several examples that illustrate the application of the rules set forth in the notice. Treasury and the IRS anticipate that the proposed regulations will be consistent with the guidance provided in the notice. In addition, until the issuance of the proposed regulations, taxpayers are permitted to rely on the operating rules set forth in Section 3 of the notice. The proposed regulations are anticipated to apply to repurchases of stock made after December 31, 2022, and to issuances of stock made during a tax year ending after December 31, 2022. As of December 31, 2024, the Company accrued $0.1 million related to the excise tax through equity.

 

 

 

 

Goodwill

 

Goodwill arises from business combinations and is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized but tested for impairment annually or more frequently if events and circumstances exist that indicate that a goodwill impairment test should be performed. The Company has selected December 31 as the date to perform the annual impairment test. No impairment charge was deemed necessary as of the years ended December 31, 2024, 2023 and 2022.

 

Other Intangible Assets

 

Other intangible assets consist of core deposit intangibles arising from business combinations that are amortized over their estimated useful lives to their estimated residual value.

 

Comprehensive Income (Loss)

 

Total comprehensive income includes all changes in equity during a period from transactions and other events and circumstances from nonowner sources. The Company’s other comprehensive income (loss) is comprised of unrealized holding gains and losses on securities available-for-sale, unrecognized actuarial gains and losses of the Company’s defined benefit pension plan and unrealized gains and losses on cash flow hedges, net of taxes.

 

Restrictions on Cash

 

Cash on hand or on deposit with the Federal Reserve Bank is required to meet regulatory reserve and clearing requirements.

 

Dividend Restriction

 

Banking regulations require maintaining certain capital levels and may limit the dividends paid by the Bank to the Parent Corporation or by the Parent Corporation to the stockholders.

 

 

Fair Value of Financial Instruments

 

The fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates.

 

Bank Owned Life Insurance

 

The Company invests in Bank Owned Life Insurance (“BOLI”) to help offset the cost of employee benefits. The change in the cash surrender value of the BOLI is recorded as a component of noninterest income.

 

Income Taxes

 

The Company accounts for income taxes in accordance with FASB ASC 740, “Income Taxes”, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Deferred tax assets and liabilities are determined based on the temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities using enacted tax rates expected to be in effect when the taxes are actually paid or recovered.

 

Deferred tax assets are recognized to the extent it is more likely than not that they will be realized. A valuation allowance is recorded to reduce deferred tax assets if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

 

The Company evaluates tax positions taken or expected to be taken in a tax return and recognizes a tax benefit if it is more likely than not that the position will be sustained upon examination by the relevant taxing authorities. Unrecognized tax benefits, including interest and penalties, are recorded as a component of income tax expense in the Consolidated Statements of Income. 

 

In accordance with ASC 740-10-25, the Company classifies interest and penalties related to unrecognized tax benefits as a component of income tax expense in the Consolidated Statements of Operations. Accrued interest and penalties are included in other long-term liabilities on the Consolidated Balance Sheets. The Company recognizes interest and penalties beginning in the period in which the uncertain tax position is taken, and they continue to accrue until the matter is resolved or until it is determined that payment is not required.

 

 

 

The Company regularly monitors developments in tax laws and regulations that may impact its tax positions and financial reporting. Any changes in classification, measurement, or recognition of tax-related interest and penalties will be disclosed in accordance with GAAP and relevant SEC reporting requirements. See Note 11 for more discussion on income taxes.

 

Advertising Costs

 

The Company recognizes its marketing and advertising costs as incurred.

 

Reclassifications

 

Certain reclassifications have been made in the consolidated financial statements and footnotes for 2023 and 2022 to conform to the classifications presented in 2024. Such reclassifications had no impact on net income or stockholders’ equity.

 

Note 1b – Authoritative Accounting Guidance

 

Adoption of New Accounting Standards

 

In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments apply to all public entities that are required to report segment information in accordance with Topic 280, Segment Reporting. The amendments in this ASU are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for the Company beginning January 1, 2024. See Note 24.

 

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. These amendments require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate). The amendments require that all entities disclose on an annual basis the following information about income taxes paid: 1) The amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes. 2) The amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5% of total income taxes paid (net of refunds received). The amendments also require that all entities disclose the following information: 1) Income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and 2) Income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. ASU 2023-09 is effective for the Company beginning January 1, 2025. The Company adopted ASU 2023-09 on January 1, 2025 and is currently not expected to have a material effect on the consolidated financial statements in 2025.

 

 

 
v3.25.0.1
Note 2 - Business Combination (Unaudited)
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Business Combination Disclosure [Text Block]

Note 2. Business Combination (unaudited)

 

On September 4, 2024, the Parent Corporation and The First of Long Island Corporation (Nasdaq: FLIC) (“First of Long Island”), parent company of The First National Bank of Long Island entered into a definitive agreement pursuant to which First of Long Island will merge with and into the Parent Corporation, which will be the surviving entity in the transaction. The combined company will operate under the ConnectOne brand, and will have approximately $14 billion in total assets, $11 billion in total deposits, and $11 billion in total loans.

 

Under the terms of the agreement, First of Long Island shareholders will receive 0.5175 shares of Parent Corporation common stock for each share of First of Long Island common stock. The transaction is presently valued at approximately $284 million in aggregate based upon the closing common stock price of $23.97 for ConnectOne as of September 4, 2024. 

 

On February 14, 2025, at separate special meetings, the shareholders of both companies approved proposals relating to the pending merger of the Company and FLIC.

 

 

 

 

 

 
v3.25.0.1
Note 3 - Earnings Per Common Share
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Earnings Per Share [Text Block]

Note 3– Earnings per Common Share

 

FASB ASC 260-10-45, “Earnings Per Share”, addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting and, therefore, need to be included in the earnings allocation in computing earnings per share (“EPS”). The restricted stock awards granted by the Company contain non-forfeitable rights to dividends and therefore are considered participating securities. The two-class method for calculating basic EPS excludes dividends paid to participating securities and any undistributed earnings attributable to participating securities. Earnings per common share have been computed based on the following:

 

  

Years Ended December 31,

 
  

2024

  

2023

  

2022

 
  

(in thousands, except per share amounts)

 

Net income available to common stockholders

 $67,757  $80,967  $119,174 

Earnings allocated to participating securities

  (187)  (216)  (287)

Income attributable to common stock

 $67,570  $80,751  $118,887 

Weighted average common shares outstanding, including participating securities

  38,376   38,913   39,355 

Weighted average participating securities

  (106)  (104)  (95)

Weighted average common shares outstanding

  38,270   38,809   39,260 

Incremental shares from assumed conversions of options, deferred stock units, performance units and restricted stock

  211   153   216 

Weighted average common and equivalent shares outstanding

  38,481   38,962   39,476 

Earnings per common share:

            

Basic

 $1.77  $2.08  $3.03 

Diluted

  1.76   2.07   3.01 

               

There were no antidilutive common share equivalents as of December 31, 2024, 2023 and 2022.

 
v3.25.0.1
Note 4 - Investment Securities
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

Note 4– Investment Securities

 

The Company’s investment securities are classified as available-for-sale as of December 31, 2024 and December 31, 2023. Investment securities available-for-sale are reported at fair value with unrealized gains or losses included in stockholders’ equity, net of tax. Accordingly, the carrying value of such securities reflects their fair value as of December 31, 2024 and December 31, 2023. Fair value is based upon either quoted market prices, or in certain cases where there is limited activity in the market for a particular instrument, assumptions are made to determine their fair value. See Note 21 of the Notes to Consolidated Financial Statements for a further discussion.

 

The following tables present information related to the Company’s portfolio of investment securities available-for-sale as of December 31, 2024 and 2023.

 

      

Gross

  

Gross

     
  

Amortized

  

Unrealized

  

Unrealized

  

Fair

 
  

Cost

  

Gains

  

Losses

  

Value

 
  

(dollars in thousands)

 

December 31, 2024

                

Investment securities available-for-sale

                

Federal agency obligations

 $96,165  $179  $(11,674) $84,670 

Residential mortgage pass-through securities

  439,445   211   (60,818)  378,838 

Commercial mortgage pass-through securities

  24,989   -   (4,097)  20,892 

Obligations of U.S. states and political subdivisions​​

  141,775   89   (19,460)  122,404 

Corporate bonds and notes

  5,000   5   (18)  4,987 

Asset-backed securities

  892   -   (7)  885 

Other securities

  171   -   -   171 

Total investment securities available-for-sale

 $708,437  $484  $(96,074) $612,847 

 

      

Gross

  

Gross

     
  

Amortized

  

Unrealized

  

Unrealized

  

Fair

 
  

Cost

  

Gains

  

Losses

  

Value

 
  

(dollars in thousands)

 

December 31, 2023

                

Investment securities available-for-sale

                

Federal agency obligations

 $55,898  $189  $(10,761) $45,326 

Residential mortgage pass-through securities

  462,004   620   (51,433)  411,191 

Commercial mortgage pass-through securities

  25,240   -   (3,676)  21,564 

Obligations of U.S. states and political subdivisions​​

  148,795   415   (16,505)  132,705 

Corporate bonds and notes

  5,000   -   (27)  4,973 

Asset-backed securities

  1,260   -   (22)  1,238 

Other securities

  165   -   -   165 

Total investment securities available-for-sale

 $698,362  $1,224  $(82,424) $617,162 

 

 

 

Investment securities having a carrying value of approximately $184 million and $358 million as of December 31, 2024 and December 31, 2023, respectively, were pledged to secure public deposits, borrowings, Federal Reserve Discount Window borrowings and Federal Home Loan Bank advances and for other purposes required or permitted by law. As of December 31, 2024 and December 31, 2023, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity.

 

The following table presents information for investment securities available-for-sale as of December 31, 2024, based on scheduled maturities. Actual maturities can be expected to differ from scheduled maturities due to prepayment or early call options of the issuer. Securities not due at a single maturity date are shown separately.

 

  

December 31, 2024

 
  

Amortized

  

Fair

 
  

Cost

  

Value

 
  

(dollars in thousands)

 

Investment securities available-for-sale:

        

Due in one year or less

 $4,034  $4,040 

Due after one year through five years

  5,304   5,282 

Due after five years through ten years

  10,400   9,132 

Due after ten years

  224,094   194,492 

Residential mortgage pass-through securities

  439,445   378,838 

Commercial mortgage pass-through securities

  24,989   20,892 

Other securities

  171   171 

Total investment securities available-for-sale

 $708,437  $612,847 

 

There were no gains/losses from the sales and/or redemptions of investment securities for the years ended December 31, 2024, 2023 and 2022.

 

 

 

Impairment Analysis of Available-for-Sale Debt Securities

 

The following tables indicate gross unrealized losses for which an ACL has not been recorded, aggregated by investment category and by the length of continuous time individual securities have been in an unrealized loss position as of December 31, 2024 and December 31, 2023.

 

  

December 31, 2024

 
  

Total

  

Less than 12 Months

  

12 Months or Longer

 
  Fair  Unrealized  Fair  Unrealized  Fair  Unrealized 
  

Value

  

Losses

  

Value

  

Losses

  

Value

  

Losses

 
  

(dollars in thousands)

 

Investment securities available-for-sale:

                        

Federal agency obligation

 $53,467  $(11,674) $18,471  $(60) $34,996  $(11,614)

Residential mortgage pass-through securities

  364,971   (60,818)  26,809   (604)  338,162   (60,214)

Commercial mortgage pass-through securities

  20,892   (4,097)  -   -   20,892   (4,097)

Obligations of U.S. states and political subdivisions

  112,523   (19,460)  13,281   (322)  99,242   (19,138)

Corporate bonds and notes

  1,982   (18)  1,982   (18)  -   - 

Asset-backed securities

  885   (7)  -   -   885   (7)

Total temporarily impaired securities

 $554,720  $(96,074) $60,543  $(1,004) $494,177  $(95,070)

 

  

December 31, 2023

 
  

Total

  

Less than 12 Months

  

12 Months or Longer

 
  

Fair

  

Unrealized

  

Fair

  

Unrealized

  

Fair

  

Unrealized

 
  

Value

  

Losses

  

Value

  

Losses

  

Value

  

Losses

 
  

(dollars in thousands)

 

Investment securities available-for-sale:

                        

Federal agency obligation

 $40,779  $(10,761) $1,689  $(65) $39,090  $(10,696)

Residential mortgage pass-through securities

  382,042   (51,433)  4,138   (51)  377,904   (51,382)

Commercial mortgage pass-through securities

  21,565   (3,676)  -   -   21,565   (3,676)

Obligations of U.S. states and political subdivisions

  101,189   (16,505)  1,340   (7)  99,849   (16,498)

Corporate bonds and notes

  4,973   (27)  2,993   (7)  1,980   (20)

Asset-backed securities

  1,238   (22)  -   -   1,238   (22)

Total temporarily impaired securities

 $551,786  $(82,424) $10,160  $(130) $541,626  $(82,294)

 

The Company did not have an allowance for credit losses as of December 31, 2024. The Company has elected to exclude accrued interest from the amortized cost of its investment securities available-for-sale. Accrued interest receivable for investment securities available-for-sale as of both  December 31, 2024 and December 31, 2023 was $2.3 million.

 

 

 

 

 

The Company evaluates securities in an unrealized loss position for impairment related to credit losses on at least a quarterly basis. Securities in unrealized loss positions are first assessed as to whether we intend to sell, or if it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If one of the criteria is met, the security’s amortized cost basis is written down to fair value through current earnings. For securities that do not meet these criteria, the Company evaluates whether the decline in fair value resulted from credit losses or other factors. If this assessment indicates that a credit loss exists, we compare the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis for the security, a credit loss exists and an allowance for credit losses is recorded, limited to the amount that the fair value of the security is less than its amortized cost basis. Unrealized losses on asset backed securities and state and municipal securities have not been recognized into income because the issuers are of high credit quality, we do not intend to sell, and it is likely that we will not be required to sell the securities prior to their anticipated recovery. The decline in fair value is largely due to changes in interest rates and other market conditions. The issuers continue to make timely principal and interest payments on the securities. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of applicable taxes. No allowance for credit losses for available-for-sale securities was recorded as of December 31, 2024.

 

Federal agency obligations, residential mortgage-backed pass-through securities and commercial mortgage-backed pass-through securities are issued by U.S. Government agencies and U.S. Government sponsored enterprises. Although a government guarantee exists on these investments, these entities are not legally backed by the full faith and credit of the federal government, and the current support they receive is subject to a cap as part of the agreement entered into in 2008. Nonetheless, at this time we do not foresee any set of circumstances in which the government would not fund its commitments on these investments as the issuers are an integral part of the U.S. housing market in providing liquidity and stability. Therefore, we concluded that a zero-allowance approach for these investment securities is appropriate.

 
v3.25.0.1
Note 5 - Loans and the Allowance for Credit Losses
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

Note 5– Loans and the Allowance for Credit Losses

 

Loans Receivable: The following table sets forth the composition of the Company’s loan portfolio segments, net of deferred fees, as of December 31, 2024 and December 31, 2023:

 

  

2024

  

2023

 
  

(dollars in thousands)

 

Commercial

 $1,532,730  $1,578,730 

Commercial real estate

  5,880,679   5,895,545 

Commercial construction

  616,246   620,496 

Residential real estate

  249,691   256,041 

Consumer

  1,136   1,029 

Gross loans

  8,280,482   8,351,841 

Net deferred fees

  (5,672)  (6,696)

Loans receivable

 $8,274,810  $8,345,145 

 

At both  December 31, 2024 and December 31, 2023, loan balances of approximately $5.8 billion, were pledged to secure borrowings from the FHLB of New York and the Federal Reserve Bank of New York. During 2023, the Company took actions to increase its secured borrowing access and increase levels of off-balance sheet liquidity and as such increased the amount of loans pledged to each of these borrowing facilities.

 

 •

The repayment of commercial loans is generally dependent on the creditworthiness and cash flow of borrowers, and if applicable, guarantors, which may be negatively impacted by adverse economic conditions. While the majority of these loans are secured, collateral type, marketing, coverage, valuation and monitoring is not as uniform as in other portfolio classes and recovery from liquidation of such collateral may be subject to greater variability.

  

 

 •

Payment on commercial real estate is driven principally by operating results of the managed properties or underlying business and secondarily by the sale or refinance of such properties. Both primary and secondary sources of repayment, and value of the properties in liquidation, may be affected to a greater extent by adverse conditions in the real estate market or the economy in general.

  

 

 •

Properties underlying construction, land and land development loans often do not generate sufficient cash flows to service debt and thus repayment is subject to the ability of the borrower and, if applicable, guarantors, to complete development or construction of the property and carry the project, often for extended periods of time. As a result, the performance of these loans is contingent upon future events whose probability at the time of origination is uncertain.

  

 

 •

The ability of borrowers to service debt in the residential and consumer loan portfolios is generally subject to personal income which may be impacted by general economic conditions, such as increased unemployment levels. These loans are predominately collateralized by first and/or second liens on single family properties. If a borrower cannot maintain the loan, the Company’s ability to recover against the collateral in sufficient amount and in a timely manner may be significantly influenced by market, legal and regulatory conditions.

  

 

 •

The Company considers loan classes and loan segments to be one and the same.

 

 

Loans Held-For-Sale: The following table presents loans held-for-sale by loan segment as of December 31, 2024 and December 31, 2023:

 

  

2024

  

2023

 
  

(dollars in thousands)

 

Residential real estate

 $743  $- 

 

Loans Receivable on Nonaccrual Status - The following tables present the amortized cost basis of loans on nonaccrual status by loan segment as of December 31, 2024 and 2023:

 

  

December 31, 2024

 
  

Nonaccrual loans with ACL

  

Nonaccrual loans without ACL

  

Total Nonaccrual loans

 
  

(dollars in thousands)

 

Commercial

 $1,744  $14,487  $16,231 

Commercial real estate

  3,822   32,664   36,486 

Commercial construction

  -   2,204   2,204 

Residential real estate

  333   2,056   2,389 

Total

 $5,899  $51,411  $57,310 

 

  

December 31, 2023

 
  

Nonaccrual loans with ACL

  

Nonaccrual loans without ACL

  

Total Nonaccrual loans

 
  

(dollars in thousands)

 

Commercial

 $1,763  $11,064  $12,827 

Commercial real estate

  8,013   28,179   36,192 

Residential real estate

  1,033   2,472   3,505 

Total

 $10,809  $41,715  $52,524 

 

Nonaccrual loans include loans that are collectively evaluated and individually analyzed. 

 

 

Credit Quality Indicators – The Company continuously monitors the credit quality of its loans receivable. In addition to its internal monitoring, the Company utilizes the services of a third-party loan review firm to periodically validate the credit quality of its loans receivable on a sample basis. Credit quality is monitored by reviewing certain credit quality indicators. Assets classified as “Pass” are deemed to possess average to superior credit quality, requiring no more than normal attention. Assets classified as “Special Mention” have generally acceptable credit quality yet possess higher risk characteristics/circumstances than satisfactory assets. Such conditions include strained liquidity, slow pay, stale financial statements, or other conditions that require more stringent attention from the lending staff. These conditions, if not corrected, may weaken the loan quality or inadequately protect the Company’s credit position at some future date. Assets are classified as “Substandard” if the asset has a well-defined weakness that requires management’s attention to a greater degree than for loans classified as special mention. Such weakness, if left uncorrected, could possibly result in the compromised ability of the loan to perform to contractual requirements. An asset is classified as “Doubtful” if it is inadequately protected by the net worth and/or paying capacity of the obligor or of the collateral, if any, that secures the obligation. Assets classified as doubtful include assets for which there is a “distinct possibility” that a degree of loss will occur if the inadequacies are not corrected.

 

 

We evaluate whether a modification, extension or renewal of a loan is a current period origination in accordance with GAAP. Generally, loans up for renewal are subject to a full credit evaluation before the renewal is granted and such loans are considered current period originations for purpose of the table below. As of December 31, 2024, our loans based on year of origination and risk designation and gross charge-offs are as follows (dollars in thousands):

 

  

Term loans amortized cost basis by origination year

         
                          

Revolving

  

Total

 
  

2024

  

2023

  

2022

  

2021

  

2020

  

Prior

  

Loans

  

Gross Loans

 

Commercial

                                

Pass

 $67,298  $157,067  $194,602  $237,065  $29,717  $111,841  $678,206  $1,475,796 

Special mention

  1,908   -   2,817   2,538   1,643   6,209   17,491   32,606 

Substandard

  -   3,019   3,705   217   -   15,844   1,543   24,328 

Doubtful

  -   -   -   -   -   -   -   - 

Total Commercial

 $69,206  $160,086  $201,124  $239,820  $31,360  $133,894  $697,240  $1,532,730 

YTD gross charge-offs

 $-  $-  $1,003  $49  $-  $316  $1,918  $3,286 
                                 

Commercial real estate

                                

Pass

 $408,314  $268,533  $1,424,209  $1,510,087  $339,553  $1,357,858  $415,286  $5,723,840 

Special mention

  -   -   53,642   -   -   59,719   -   113,361 

Substandard

  -   -   3,822   1,846   1,752   36,058   -   43,478 

Doubtful

  -   -   -   -   -   -   -   - 

Total Commercial real estate

 $408,314  $268,533  $1,481,673  $1,511,933  $341,305  $1,453,635  $415,286  $5,880,679 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $10,416  $-  $10,416 
                                 

Commercial construction

                                

Pass

 $15,390  $-  $2,137  $8,995  $6,518  $-  $581,002  $614,042 

Special mention

  -   -   -   -   -   -   -   - 

Substandard

  -   -   -   -   -   -   2,204   2,204 

Doubtful

  -   -   -   -   -   -   -   - 

Total Commercial construction

 $15,390  $-  $2,137  $8,995  $6,518  $-  $583,206  $616,246 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $-  $-  $- 
                                 

Residential real estate

                                

Pass

 $17,763  $14,542  $39,197  $21,925  $17,339  $96,657  $36,471  $243,894 

Special mention

  -   -   -   -   -   635   2,773   3,408 

Substandard

  -   -   633   -   1,157   364   235   2,389 

Doubtful

  -   -   -   -   -   -   -   - 

Total Residential real estate

 $17,763  $14,542  $39,830  $21,925  $18,496  $97,656  $39,479  $249,691 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $-  $-  $- 
                                 

Consumer

                                

Pass

 $1,015  $24  $1  $-  $-  $-  $96  $1,136 

Special mention

  -   -   -   -   -   -   -   - 

Substandard

  -   -   -   -   -   -   -   - 

Doubtful

  -   -   -   -   -   -   -   - 

Total Consumer

 $1,015  $24  $1  $-  $-  $-  $96  $1,136 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $-  $-  $- 
                                 

Total

                                

Pass

 $509,780  $440,166  $1,660,146  $1,778,072  $393,127  $1,566,356  $1,711,061  $8,058,708 

Special mention

  1,908   -   56,459   2,538   1,643   66,563   20,264   149,375 

Substandard

  -   3,019   8,160   2,063   2,909   52,266   3,982   72,399 

Doubtful

  -   -   -   -   -   -   -   - 

Grand Total

 $511,688  $443,185  $1,724,765  $1,782,673  $397,679  $1,685,185  $1,735,307  $8,280,482 

YTD gross charge-offs

 $-  $-  $1,003  $49  $-  $10,732  $1,918  $13,702 

 

 

As of December 31, 2023, our loans based on year of origination and risk designation and gross charge-offs are as follows (dollars in thousands):

  

Term loans amortized cost basis by origination year

  

Revolving

  

Total

 
  

2023

  

2022

  

2021

  

2020

  

2019

  

Prior

  

Loans

  

Gross Loans

 

Commercial

                                

Pass

 $178,582  $252,151  $265,705  $38,909  $13,726  $112,145  $684,779  $1,545,997 

Special mention

  -   10,620   -   -   562   3,417   3,199   17,798 

Substandard

  250   439   241   1   612   11,695   1,697   14,935 

Doubtful

  -   -   -   -   -   -   -   - 

Total Commercial

 $178,832  $263,210  $265,946  $38,910  $14,900  $127,257  $689,675  $1,578,730 

YTD gross charge-offs

 $54  $3,397  $-  $-  $280  $11,094  $63  $14,888 
                                 

Commercial real estate

                                

Pass

 $248,660  $1,561,841  $1,585,109  $352,445  $353,391  $1,232,240  $497,588  $5,831,274 

Special mention

  -   -   -   -   -   24,202   -   24,202 

Substandard

  -   -   1,888   -   1,255   20,141   16,785   40,069 

Doubtful

  -   -   -   -   -   -   -   - 

Total Commercial real estate

 $248,660  $1,561,841  $1,586,997  $352,445  $354,646  $1,276,583  $514,373  $5,895,545 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $2,142  $-  $2,142 
                                 

Commercial construction

                                

Pass

 $582  $5,463  $15,645  $6,236  $-  $-  $583,870  $611,796 

Special mention

  -   -   -   -   -   -   8,700   8,700 

Substandard

  -   -   -   -   -   -   -   - 

Doubtful

  -   -   -   -   -   -   -   - 

Total Commercial construction

 $582  $5,463  $15,645  $6,236  $-  $-  $592,570  $620,496 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $-  $-  $- 
                                 

Residential real estate

                                

Pass

 $15,455  $42,830  $21,987  $21,704  $19,896  $91,114  $36,082  $249,068 

Special mention

  -   -   -   -   -   651   2,817   3,468 

Substandard

  -   -   555   -   -   2,144   806   3,505 

Doubtful

  -   -   -   -   -   -   -   - 

Total Residential real estate

 $15,455  $42,830  $22,542  $21,704  $19,896  $93,909  $39,705  $256,041 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $-  $18  $18 
                                 

Consumer

                                

Pass

 $849  $83  $-  $5  $-  $-  $92  $1,029 

Special mention

  -   -   -   -   -   -   -   - 

Substandard

  -   -   -   -   -   -   -   - 

Doubtful

  -   -   -   -   -   -   -   - 

Total Consumer

 $849  $83  $-  $5  $-  $-  $92  $1,029 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $-  $1  $1 
                                 

Total

                                

Pass

 $444,128  $1,862,368  $1,888,446  $419,299  $387,013  $1,435,499  $1,802,411  $8,239,164 

Special mention

  -   10,620   -   -   562   28,270   14,716   54,168 

Substandard

  250   439   2,684   1   1,867   33,980   19,288   58,509 

Doubtful

  -   -   -   -   -   -   -   - 

Grand Total

 $444,378  $1,873,427  $1,891,130  $419,300  $389,442  $1,497,749  $1,836,415  $8,351,841 

YTD gross charge-offs

 $54  $3,397  $-  $-  $280  $13,236  $82  $17,049 

 

 

Collateral-dependent Loans - The following tables present the amortized cost basis of collateral-dependent loans by loan segment as of December 31, 2024 and 2023:

 

  

December 31, 2024

 
  

Real Estate

  

Other

  

Total

 
  

(dollars in thousands)

 

Commercial

 $2,308  $9,222  $11,530 

Commercial real estate

  36,486   -   36,486 

Commercial construction

  2,204   -   2,204 

Residential real estate

  2,056   -   2,056 

Total

 $43,054  $9,222  $52,276 

 

  

December 31, 2023

 
  

Real Estate

  

Other

  

Total

 
  

(dollars in thousands)

 

Commercial

 $4,949  $10,387  $15,336 

Commercial real estate

  39,986   -   39,986 

Commercial construction

  8,700   -   8,700 

Residential real estate

  5,941   -   5,941 

Total

 $59,576  $10,387  $69,963 

 

 

Aging Analysis – The following tables present the aging of the amortized cost in past-due loans by loan segment as of December 31, 2024 and December 31, 2023 (dollars in thousands):

 

  

December 31, 2024

 
  

30-59 Days Past Due

  

60-89 Days Past Due

  

90 Days or Greater Past Due and Still Accruing

  

Nonaccrual

  

Total Past Due and Nonaccrual

  

Current

  

Gross Loans

 

Commercial

 $1,340  $-  $-  $16,231  $17,571  $1,515,159  $1,532,730 

Commercial real estate

  -   -   -   36,486   36,486   5,844,193   5,880,679 

Commercial construction

  -   -   -   2,204   2,204   614,042   616,246 

Residential real estate

  1,991   -   -   2,389   4,380   245,311   249,691 

Consumer

  -   -   -   -   -   1,136   1,136 

Total

 $3,331  $-  $-  $57,310  $60,641  $8,219,841  $8,280,482 

 

  

December 31, 2023

 
  

30-59 Days Past Due

  

60-89 Days Past Due

  

90 Days or Greater Past Due and Still Accruing

  

Nonaccrual

  

Total Past Due and Nonaccrual

  

Current

  

Gross Loans

 

Commercial

 $555  $-  $-  $12,827  $13,382  $1,565,348  $1,578,730 

Commercial real estate

  527   -   -   36,192   36,719   5,858,826   5,895,545 

Commercial construction

  -   23,600   -   -   23,600   596,896   620,496 

Residential real estate

  275   226   -   3,505   4,006   252,035   256,041 

Consumer

  -   -   -   -   -   1,029   1,029 

Total

 $1,357  $23,826  $-  $52,524  $77,707  $8,274,134  $8,351,841 

 

 

 

The following tables detail the amount of gross loans that are individually analyzed, collectively evaluated, and loans acquired with deteriorated quality, and the related portion of the allowance for credit losses for loans that are allocated to each loan portfolio segment.

 

  

December 31, 2024

 
  

Commercial

  

Commercial real estate

  

Commercial construction

  

Residential real estate

  

Consumer

  

Total

 
  

(dollars in thousands)

 

Allowance for credit losses - loans

                        

Individually analyzed

 $326  $909  $-  $-  $-  $1,235 

Collectively evaluated

  17,740   53,868   5,064   4,561   5   81,238 

Acquired with deteriorated credit quality

  212   -   -   -   -   212 

Total

 $18,278  $54,777  $5,064  $4,561  $5  $82,685 

Gross loans

                        

Individually analyzed

 $15,751  $36,486  $2,204  $2,056  $-  $56,497 

Collectively evaluated

  1,516,557   5,844,193   614,042   247,635   1,136   8,223,563 

Acquired with deteriorated credit quality

  422   -   -   -   -   422 

Total

 $1,532,730  $5,880,679  $616,246  $249,691  $1,136  $8,280,482 

 

  

December 31, 2023

 
  

Commercial

  

Commercial real estate

  

Commercial construction

  

Residential real estate

  

Consumer

  

Total

 
  

(dollars in thousands)

 

Allowance for credit losses - loans

                        

Individually analyzed

 $-  $941  $-  $-  $-  $941 

Collectively evaluated

  20,215   51,337   4,739   4,320   5   80,616 

Acquired with deteriorated credit quality

  417   -   -   -   -   417 

Total

 $20,632  $52,278  $4,739  $4,320  $5  $81,974 

Gross loans

                        

Individually analyzed

 $15,336  $39,986  $8,700  $5,941  $-  $69,963 

Collectively evaluated

  1,562,910   5,855,559   611,796   250,100   1,029   8,281,394 

Acquired with deteriorated credit quality

  484   -   -   -   -   484 

Total

 $1,578,730  $5,895,545  $620,496  $256,041  $1,029  $8,351,841 

 

 

A summary of the activity in the allowance for credit losses for loans by loan segment is as follows:

 

  

Commercial

  

Commercial real estate

  

Commercial construction

  

Residential real estate

  

Consumer

  

Total

 
  

(dollars in thousands)

 

Balance as of January 1, 2024

 $20,632  $52,278  $4,739  $4,320  $5  $81,974 

Charge-offs

  (3,286)  (10,416)  -   -   -   (13,702)

Recoveries

  392   31   -   6   -   429 

Provision for credit losses

  540   12,884   325   235   -   13,984 

Balance as of December 31, 2024

 $18,278  $54,777  $5,064  $4,561  $5  $82,685 

 

 

  

Commercial

  

Commercial real estate

  

Commercial construction

  

Residential real estate

  

Consumer

  

Total

 
  

(dollars in thousands)

 

Balance as of January 1, 2023

 $28,903  $53,742  $3,718  $4,143  $7  $90,513 

Charge-offs

  (14,888)  (2,142)  -   (18)  (1)  (17,049)

Recoveries

  10   -   -   68   8   86 

Provision for (reversal) of credit losses

  6,607   678   1,021   127   (9)  8,424 

Balance as of December 31, 2023

 $20,632  $52,278  $4,739  $4,320  $5  $81,974 

 

  

Commercial

  

Commercial real estate

  

Commercial construction

  

Residential real estate

  

Consumer

  

Total

 
  

(dollars in thousands)

 

Balance as of January 1, 2022

 $25,969  $45,589  $3,580  $3,628  $7  $78,773 

Charge-offs

  (2,612)  (2,819)  -   (9)  (3)  (5,443)

Recoveries

  54   -   -   63   -   117 

Provision for credit losses

  5,492   10,972   138   461   3   17,066 

Balance as of December 31, 2022

 $28,903  $53,742  $3,718  $4,143  $7  $90,513 

 

 

Loan Modifications to Borrowers Experiencing Financial Difficulty:

 

The following table presents the amortized cost basis to borrowers experiencing financial difficulty that were modified during the last 12 months. The modification percentage represents the total modified loans as compared to the total gross loan balances as of December 31, 2024.

 

  

Amortized Cost Basis at Time of Modification

         
  

Term Extension

  

Payment Deferral

  

Interest Rate Reduction

  

Payment Reduction

  

Total

  

Gross Loans at December 31, 2024

  

Modification % (Modified Loans/Gross Loans)

 

December 31, 2024

                            

(dollars in thousands)

                            

Commercial

 $17,641  $126  $-  $333  $18,100  $1,532,730   1.18%

Commercial real estate

  -   -   63,804   -   63,804   5,880,679   1.08 

Residential real estate

  1,413   -   -   -   1,413   249,691   0.57 

Total

 $19,054  $126  $63,804  $333  $83,317  $7,663,100   1.09%

 

The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty during the last 12 months.

 

  

Weighted Average Term Extension (Months)

  

Weighted Average Payment Deferral (Months)

  

Weighted Average Interest Rate Reduction

  

Weighted Average Payment Reduction

 

December 31, 2024

                

(dollars in thousands)

                

Commercial

  6   3   -% $6 

Commercial real estate

  -   -   0.8   - 

Residential real estate

  136   -   -   - 

Total

  142   3   0.8% $6 

 

The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the performance of such loans that have been modified in the last 12 months.

 

  

Current

  

30-89 Days Past Due

  

90 Days or Greater Past Due

 

December 31, 2024

            

(dollars in thousands)

            

Commercial

 $18,100  $-  $- 

Commercial real estate

  63,804   -   - 

Residential real estate

  1,413   -   - 

Total

 $83,317  $-  $- 

 

 

The following table presents the amortized cost basis to borrowers experiencing financial difficulty that were modified during the last 12 months. The modification percentage represents the total modified loans as compared to the total gross loan balances as of December 31, 2023.

 

  

Amortized Cost Basis at Time of Modification

         
  

Term Extension

  

Payment Deferral

  

Interest Rate Reduction

  

Payment Reduction

  

Total

  

Gross Loans at December 31, 2023

  

Modification % (Modified Loans/Gross Loans)

 

December 31, 2023

                            

(dollars in thousands)

                            

Commercial

 $34  $10,283  $-  $-  $10,317  $1,578,730   0.65%

Commercial real estate

  209   -   7,272   -   7,481   5,895,545   0.13 

Total

 $243  $10,283  $7,272  $-  $17,798  $7,474,275   0.24%

 

The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty during the last 12 months.

 

  

Weighted Average Term Extension (Months)

  

Weighted Average Payment Deferral (Months)

  

Weighted Average Interest Rate Reduction

  

Weighted Average Payment Reduction

 

December 31, 2023

                

(dollars in thousands)

                

Commercial

  36   6   -% $- 

Commercial real estate

  180   -   1.9   - 

Total

  216   6   1.9% $- 

 

 

The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the performance of such loans that have been modified in the last 12 months.

 

  

Current

  

30-89 Days Past Due

  

90 Days or Greater Past Due

 

December 31, 2023

            

(dollars in thousands)

            

Commercial

 $10,317  $-  $- 

Commercial real estate

  7,481   -   - 

Total

 $17,798  $-  $- 

 

There were no loans to borrowers experiencing financial difficulty that had a payment default during the year ended December 31, 2024 and December 31, 2023 and were modified in the twelve months prior to that default. Upon the Company’s determination that a modified loan (or portion of the loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is charged-off.  Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount.

 

Allowance for Credit Losses for Unfunded Commitments

 

The Company has recorded an ACL for unfunded credit commitments, which is recorded in other liabilities. The provision is recorded within the provision for credit losses on the Company’s Consolidated Statement of Income. The following table presents the allowance for credit losses for unfunded commitments for the year ended December 31, 2024 and 2023 (dollars in thousands):

 

  

2024

  

2023

 

Balance at beginning of period

 $2,811  $3,035 

Reversal of credit losses - unfunded commitments

  (184)  (224)

Balance at end of period

 $2,627  $2,811 

 

Components of (Reversal of) Provision for Credit Losses

 

The following table summarizes the provision for (reversal of) provision for credit losses for the year ended December 31, 2024 and 2023 (dollars in thousands):

 

         
  

2024

  

2023

 

Provision for credit losses – loans

 $13,984  $8,424 

Reversal of credit losses - unfunded commitments

  (184)  (224)

Provision for credit losses – total

 $13,800  $8,200 

 
v3.25.0.1
Note 6 - Premises and Equipment
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]

Note 6 – Premises and Equipment

 

Premises and equipment are summarized as of December 31, 2024 and 2023:

 

  

Estimated

         
  

Useful Life

         
  

(Years)

  

2024

  

2023

 
  

(dollars in thousands)

 

Land

  -  $5,253  $6,732 

Buildings

  10-25   11,043   11,043 

Furniture, fixtures and equipment

  3-7   30,746   28,548 

Leasehold improvements

  10-20   28,325   27,633 

Subtotal

      75,367   73,956 

Less: accumulated depreciation, amortization and fair value adjustments

      46,920   43,177 

Total premises and equipment, net

     $28,447  $30,779 

 

Depreciation and amortization expense of premises and equipment was $4.4 million, $4.5 million and $3.9 million for 2024, 2023 and 2022, respectively.

 

Finance Leases: The Company has a lease agreement for a building accounted for as a finance lease. The lease arrangement requires monthly payments through 2028. As of December 31, 2024, the weighted average remaining term for the finance lease was 3.9 years and the weighted average discount rate used in the measurement of finance lease liabilities was 6.0%. Total finance lease costs for the year ended December 31, 2024 was $0.3 million.

 

The Company has included this lease in premises and equipment as follows December 31, 2024 and 2023:

 

  

2024

  

2023

 
  

(dollars in thousands)

 

Finance lease

 $3,423  $3,423 

Less: accumulated amortization

  2,738   2,567 
  $685  $856 

 

The following is a schedule by year of future minimum lease payments under the finance lease, together with the present value of net minimum lease payments as of December 31, 2024 (dollars in thousands):

 

2025

 $353 

2026

  353 

2027

  353 

2028

  322 

Thereafter

  - 

Total minimum lease payments

  1,381 
     

Less amount representing interest

  147 

Present value of net minimum lease payments

 $1,234 

 

 

Operating Leases: The Company leases certain premises and equipment under operating leases. As of December 31, 2024, the Company had lease liabilities totaling $15.5 million and right-of-use assets totaling $14.5 million. As of December 31, 2024, the weighted average remaining lease term for operating leases was 6.3 years and the weighted average discount rate used in the measurement of operating lease liabilities was 4.1%. Total operating lease costs for the year ended December 31, 2024 were $3.5 million

 

A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is as follows:

 

  

December 31,

 
  

2024

 
  

(dollars in thousands)

 

Lease payments due:

    

Less than 1 year

 $3,576 

1 year through less than 2 years

  3,507 

2 years through less than 3 years

  2,863 

3 years through less than 4 years

  2,384 

4 years through 5 years

  1,141 

After 5 years

  4,380 

Total undiscounted cash flows

  17,851 

Impact of discounting

  (2,353)

Total lease liability

 $15,498 

 
v3.25.0.1
Note 7 - Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Goodwill and Intangible Assets Disclosure [Text Block]

 

Note 7 – Goodwill and Other Intangible Assets

 

A goodwill impairment test is required under ASC 350, Intangibles – Goodwill and Other, and the FASB issued ASU 2011-08, “Testing Goodwill for Impairment,” allowing an initial qualitative assessment of goodwill commonly known as step zero impairment testing. In general, the step zero test allows an entity to first assess qualitative factors to determine whether it is more likely than not (i.e., more than 50%) that the fair value of a reporting unit is less than its carrying value. If a step zero impairment test results in the conclusion that it is more likely than not that the fair value of the reporting unit exceeds its carrying value, then no further testing is required.

 

Based upon management’s review through December 31, 2024, the Company’s goodwill was not impaired. Management concludes that the ASC 350 goodwill step zero test has been passed, and no further testing is required.

 

Goodwill

 

The change in goodwill during the year is as follows:

 

  

2024

  

2023

 
  

(dollars in thousands)

 

Balance, January 1

 $208,372  $208,372 

Acquired goodwill

  -   - 

Impairment

  -   - 

Balance, December 31

 $208,372  $208,372 

 

 

Acquired Intangible Assets

 

The table below provides information regarding the carrying amounts and accumulated amortization of total amortized intangible assets as of the dates set forth below.

 

  

Gross

      

Net

 
  

Carrying

  

Accumulated

  

Carrying

 
  

Amount

  

Amortization

  

Amount

 
  

(dollars in thousands)

 

Core deposit intangibles

            

December 31, 2024

 $13,207  $(8,568) $4,639 

Core deposit intangibles

            

December 31, 2023

 $18,515  $(12,641) $5,874 

 

One core deposit intangible of $5.3 million in gross carrying value from a previous merger was fully amortized as of December 31, 2024 and is no longer reflected in the financial statements.

 

Aggregate amortization expense was approximately $1.2 million, $1.4 million and $1.7 million for 2024, 2023 and 2022, respectively. Estimated amortization expense for each of the next five years (dollars in thousands):

 

2025

 $1,116 

2026

  1,050 

2027

  989 

2028

  930 

2029

  552 

 
v3.25.0.1
Note 8 - Deposits
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Deposit Liabilities Disclosures [Text Block]

Note 8– Deposits

 

Time Deposits 

 

As of December 31, 2024, and December 31, 2023, the Company's total time deposits were $2.6 billion and $2.4 billion, respectively. Included in time deposits were gross nonreciprocal brokered time deposits of $907.2 million and $915.5 million as of December 31, 2024 and 2023, respectively. As of December 31, 2024, the contractual maturities of these time deposits were as follows (dollars in thousands):

 

2025

 $2,203,095 

2026

  297,852 

2027

  47,760 

2028

  7,572 

2029

  1,714 

Time deposits (before discount)

 $2,557,993 

Fair value discount

  (793)

Total time deposits (after discount)

 $2,557,200 

 

Time deposits that meets or exceeds $250,000 were $731.0 million and $680.9 million as of December 31, 2024 and 2023, respectively.

 
v3.25.0.1
Note 9 - FHLB Borrowings
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Federal Home Loan Bank, Advances [Text Block]

Note 9 – FHLB Borrowings

 

The Company’s FHLB borrowings and weighted average interest rates are summarized below:

 

  

December 31, 2024

  

December 31, 2023

 
  

Amount

  

Rate

  

Amount

  

Rate

 
  

(dollars in thousands)

 

By remaining period to maturity:

                

Less than 1 year

 $660,529   4.51% $881,000   5.57%

1 year through less than 2 years

  2,050   2.23   25,000   1.00 

2 years through less than 3 years

  260   2.85   2,050   2.23 

3 years through less than 4 years

  25,000   4.18   293   2.85 

4 years through 5 years

  -   -   25,000   4.18 

After 5 Years

  261   2.96   294   2.96 

FHLB borrowings (before discount)

  688,100   4.49%  933,637   5.41%

Fair value discount

  (36)      (58)    

FHLB borrowings (after discount)

 $688,064      $933,579     

 

The FHLB borrowings are secured by pledges of certain collateral including, but not limited to, U.S. government and agency mortgage-backed securities and a blanket assignment of qualifying first lien mortgage loans, consisting of both residential mortgages and commercial real estate loans.

 

Advances are payable at stated maturity, with a prepayment penalty for fixed rate advances. All FHLB advances have fixed rates. The advances as of December 31, 2024 were primarily collateralized by approximately $3.8 billion of commercial mortgage and residential loans, or $2.4 billion net of required over collateralization amounts, under a blanket lien arrangement. As of December 31, 2024, the Company had remaining borrowing capacity of billion approximately $1.1 billion at the FHLB.

 

 
v3.25.0.1
Note 10 - Subordinated Debentures
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Subordinated Borrowings Disclosure [Text Block]

Note 10 – Subordinated Debentures

 

During 2003, the Company formed a statutory business trust, which exists for the exclusive purpose of (i) issuing Trust Securities representing undivided beneficial interests in the assets of the Trust; (ii) investing the gross proceeds of the Trust securities in junior subordinated deferrable interest debentures (subordinated debentures) of the Company; and (iii) engaging in only those activities necessary or incidental thereto. On December 19, 2003, Center Bancorp Statutory Trust II, a statutory business trust and wholly-owned subsidiary of the Parent Corporation issued $5.0 million of MMCapS capital securities to investors due on January 23, 2034. The capital securities presently qualify as Tier I capital. The trust loaned the proceeds of this offering to the Company and received in exchange $5.2 million of the Parent Corporation’s subordinated debentures. The subordinated debentures are redeemable in whole or in part prior to maturity. The floating interest rate on the subordinate debentures was previously three-month LIBOR plus 2.85% and reprices quarterly. Upon the cessation of publication of LIBOR rates and pursuant to the Federal LIBOR Act and Federal Reserve regulations implementing the Act, applicable US Dollar LIBOR indexed instruments like the Company’s outstanding $5.0 million of MMCapS capital securities converted effective June 30, 2023 to a new index based on CME Term SOFR, as defined in the LIBOR Act, plus a tenor spread adjustment, which is referred to as the Benchmark Replacement. Therefore, effective for quarterly interest rate resets after  July 3, 2023 the subordinated debentures’ floating rate will be three-month CME Term SOFR plus 2.85% plus a tenor spread adjust of 0.26161%. The rate as of December 31, 2024 was 7.70%. These subordinated debentures and the related income effects are not eliminated in the consolidated financial statements, as the statutory business trust is not consolidated in accordance with FASB ASC 810-10 "Consolidation". Distributions on the subordinated debentures owned by the subsidiary trust have been classified as interest expense in the Consolidated Statements of Income.

 

The following table summarizes the mandatory redeemable trust preferred securities of the Company’s Statutory Trust II as of December 31, 2024 and December 31, 2023.

 

As of December 31, 2024

Issuance Date

 

Securities Issued

 

Liquidation Value

Coupon Rate

Maturity

Redeemable by Issuer Beginning

12/19/2003

 $5,000,000 

$1,000 per Capital Security

Floating 3-month CME Term SOFR + 285 Basis Points + 26.161 Basis Points

1/23/2034

1/23/2009

 

As of December 31, 2023

Issuance Date

 

Securities Issued

 

Liquidation Value

Coupon Rate

Maturity

Redeemable by Issuer Beginning

12/19/2003

 $5,000,000 

$1,000 per Capital Security

Floating 3-month CME Term SOFR + 285 Basis Points + 26.161 Basis Points

1/23/2034

1/23/2009

 

 

 

On June 10, 2020, the Parent Corporation issued $75 million in aggregate principal amount of fixed-to-floating rate subordinated notes (the “2020 Notes”). The 2020 Notes bear interest at 5.75% annually from, and including, the date of initial issuance to, but excluding, June 15, 2025 or the date of earlier redemption, payable semi-annually in arrears on June 15 and December 15 of each year, commencing December 15, 2020. From and including June 15, 2025 through maturity or earlier redemption, the interest rate shall reset quarterly to an interest rate per annum equal to a benchmark rate, which is expected to be Three-Month Term SOFR (as defined in the Second Supplemental Indenture), plus 560.5 basis points, payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year, commencing on June 15, 2025. Notwithstanding the foregoing, if the benchmark rate is less than zero, then the benchmark rate shall be deemed to be zero.

 

On January 11, 2018, the Parent Corporation issued $75 million in aggregate principal amount of fixed-to-floating rate subordinated notes (the “2018 Notes”). The 2018 Notes bore interest at a rate that resets quarterly to an interest rate per annum equal to the then current three-month LIBOR rate plus 284 basis points (2.84%) payable quarterly in arrears. Interest on the 2018 Notes was to be paid on February 1, May 1, August 1, and November 1, of each year to but excluding the stated maturity date, unless in any case previously redeemed. The 2018 Notes were redeemed in full on February 1, 2023.

 

 

 
v3.25.0.1
Note 11 - Income Taxes
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

Note 11 – Income Taxes

 

The current and deferred amounts of income tax expense for 2024, 2023 and 2022 are as follows (dollars in thousands):

 

  

2024

  

2023

  

2022

 

Current:

            

Federal

 $15,556  $16,185  $33,169 

State

  11,158   9,635   13,247 

Subtotal

  26,714   25,820   46,416 

Deferred:

            

Federal

  258   2,903   (3,353)

State

  (2,298)  1,232   2,950 

Subtotal

  (2,040)  4,135   (403)

Income tax expense

 $24,674  $29,955  $46,013 

 

Actual income tax expense differs from the tax computed based on pre-tax income and the applicable statutory federal tax rate for the following reasons (dollars in thousands) December 31,

 

  

2024

  

2023

  

2022

 

Income before income tax expense

 $98,467  $116,958  $171,224 

Federal statutory rate

  21%  21%  21%

Computed “expected” Federal income tax expense

  20,678   24,561   35,957 

State tax, net of federal tax benefit

  6,514   9,404   13,314 

162M adjustment

  469   779   777 

Bank owned life insurance

  (1,500)  (1,326)  (1,175)

Tax-exempt interest and dividends

  (2,632)  (2,514)  (1,969)

Tax benefits from stock-based compensation

  109   (66)  (417)

Other, net

  1,036   (883)  (474)

Income tax expense

 $24,674  $29,955  $46,013 

 

 

The tax effects of temporary differences that give rise to significant portions of the deferred tax asset and deferred tax liability as of December 31, 2024 and 2023 are presented in the following table:

 

  

2024

  

2023

 
  

(dollars in thousands)

 

Deferred tax assets

        

Allowance for credit losses

 $24,891  $23,973 

Depreciation

  6   65 

Pension actuarial losses

  272   897 

New Jersey net operating loss

  2,683   1,187 

Deferred compensation

  4,919   5,240 

Unrealized losses on available-for-sale securities

  25,959   23,365 

Deferred loan costs, net of fees

  1,608   1,628 

Finance lease

  163   192 

Nonaccrual interest

  275   111 

Operating lease liability

  4,671   3,897 

Other

  1,519   1,887 

Total deferred tax assets

 $66,966  $62,442 

Deferred tax liabilities

        

Employee benefit plans

 $(2,515) $(2,439)

Purchase accounting

  (1,599)  (1,660)

Prepaid expenses

  (1,551)  (1,386)

Unrealized gains on derivatives

  (8,790)  (10,676)

Right of use asset

  (4,304)  (3,545)

Other

  (1,240)  (1,664)

Total deferred tax liabilities

  (19,999)  (21,370)

Net deferred tax assets

 $46,967  $41,072 

 

In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, the projected future taxable income, and tax planning strategies in making this assessment. During 2024 and 2023, based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, the Company believes the net deferred tax assets are more likely than not to be realized. There are no unrecorded tax benefits, and the Company does not expect the total amount of unrecognized income tax benefits to significantly increase in the next twelve months.

 

 

On June 28, 2024, the State of New Jersey enacted legislation (A.B. 4704) introducing a 2.5% surtax, termed the "Corporate Transit Fee," applicable to corporations with New Jersey allocated taxable net income exceeding $10 million. This fee is effective for privilege periods beginning on or after January 1, 2024, through December 31, 2028, and is in addition to the standard Corporation Business Tax (CBT) rate of 9%, resulting in a combined tax rate of 11.5% for affected corporations. The Corporate Transit Fee applies to the entire taxable net income of corporations surpassing the $10 million threshold, not just the income above this amount. For combined group filers, the fee is assessed at the group level, and the income of all members, including public utilities and S corporations, is considered in determining the group's liability.

 

The Company files income tax returns in multiple jurisdictions and is subject to examination by federal, state, and local taxing authorities. The Company regularly assesses developments in tax laws and regulations that may impact its effective tax rate and financial reporting. The Company’s federal income tax returns that are currently open and subject to examination are from the tax year 2021 return and forward. The Company’s state income tax returns are generally open from the tax year 2020 and forward based on individual state statutes of limitations.

 

As of December 31, 2024, the Company has $29.5 million in New Jersey net operating loss (NOL). Of that total, $15.2 million is set to expire on December 31, 2043 and $14.3 million is set to expire on December 31, 2044.

 
v3.25.0.1
Note 12 - Preferred Stock
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Preferred Stock [Text Block]

Note 12 – Preferred Stock

 

On August 19, 2021, the Company completed an underwritten public offering of 115,000 shares, or $115 million in aggregate liquidation preference, of its depositary shares, each representing a 1/40th interest in a share of the Company’s 5.25% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A, no par value, with a liquidation preference of $1,000 per share. The net proceeds received from the issuance of preferred stock at the time of closing were $110.9 million.

 
v3.25.0.1
Note 13 - Commitments, Contingencies, and Concentrations of Credit Risk
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]

Note 13 – Commitments, Contingencies and Concentrations of Credit Risk

 

In the normal course of business, the Company has outstanding commitments and contingent liabilities, such as standby and commercial letters of credit, unused portions of lines of credit and commitments to extend various types of credit. Commitments to extend credit and standby letters of credit generally do not exceed one year.

 

These financial instruments involve, to varying degrees, elements of credit risk in excess of the amounts recognized in the consolidated financial statements. The commitment or contract amount of these financial instruments is an indicator of the Company’s level of involvement in each type of instrument as well as the exposure to credit loss in the event of nonperformance by the other party to the financial instrument.

 

The Company controls the credit risk of these financial instruments through credit approvals, limits and monitoring procedures. To minimize potential credit risk, the Company generally requires collateral and other credit-related terms and conditions from the client. In the opinion of management, the financial condition of the Company will not be materially affected by the final outcome of these commitments and contingent liabilities. A substantial portion of the Bank’s loans are secured by real estate located in New Jersey and New York. Accordingly, the collectability of a substantial portion of the loan portfolio of the Bank is susceptible to changes in the metropolitan New York real estate market.

 

The following table provides a summary of financial instruments with off-balance sheet risk as of December 31, 2024 and 2023:

 

  

2024

  

2023

 
  

Fixed

  

Variable

  

Fixed

  

Variable

 
  

(dollars in thousands)

 

Commitments under commercial loans and lines of credit

 $100,430  $647,652  $96,690  $626,538 

Home equity and other revolving lines of credit

  17   41,349   22   48,764 

Outstanding commercial mortgage loan commitments

  24,139   321,771   60,039   310,535 

Standby letters of credit

  190   41,276   163   23,399 

Overdraft protection lines

  640   178   645   184 

Total

 $125,416  $1,052,226  $157,559  $1,009,420 

 

The Company is subject to claims and lawsuits that arise in the ordinary course of business. Based upon the information currently available in connection with such claims, it is the opinion of management that the disposition or ultimate determination of such claims will not have a material adverse impact on the consolidated financial position, results of operations, or liquidity of the Company.

 
v3.25.0.1
Note 14 - Transactions with Executive Officers, Directors, and Principle Stockholders
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]

Note 14 – Transactions with Executive Officers, Directors and Principal Stockholders

 

Loans to principal officers, directors, and their affiliates during the years ended December 31, 2024 and 2023 were as follows:

 

  

2024

  

2023

 
  

(dollars in thousands)

 

Balance, January 1

 $20,323  $16,266 

Originations and drawdowns

  7,907   9,801 

Repayments

  (4,866)  (5,744)

Balance, December 31

 $23,364  $20,323 

 

Deposits from principal officers, directors, and their affiliates as of December 31, 2024 and 2023 were $51.9 million and $32.3 million respectively.

 

The Company has had, and may be expected to have in the future, banking transactions in the ordinary course of business with its executive officers, directors, principal stockholders, their immediate families and affiliated companies (commonly referred to as related parties). The Company leases banking offices from related party entities. In addition, the Company also utilizes an advertising and public relations agency at which one of the Company’s directors is President and CEO and a principal owner. For these transactions, the expenses are not significant to the operations of the Company.

 
v3.25.0.1
Note 15 - Stockholders' Equity and Regulatory Requirements
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Equity [Text Block]

Note 15 – Stockholders’ Equity and Regulatory Requirements

 

Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action. The accumulated other comprehensive gain or loss on securities and derivatives is not included in computing regulatory capital. Management believes as of December 31, 2024, the Bank and the Parent Corporation meet all capital adequacy requirements to which they are subject.

 

Prompt corrective action regulations provide five classifications: well-capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized, although these terms are not used to represent overall financial condition. If an institution is classified as adequately capitalized or lower, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is growth and expansion, and capital restoration plans are required. As of December 31, 2024, and 2023, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the institution’s category.

 

 

The following is a summary of the Bank’s and the Parent Corporation’s actual capital amounts and ratios as of December 31, 2024 and 2023, compared to the FRB and FDIC minimum capital adequacy requirements and the FDIC requirements for classification as a well-capitalized institution.

 

                  

For Classification

 
                  

Under Corrective

 
          

Minimum

  

Action Plan

 
          

Capital Adequacy

  

as Well Capitalized

 
  

Amount

  

Ratio

  

Amount

  

Ratio

  

Amount

  

Ratio

 

The Bank

         

(dollars in thousands)

         

December 31, 2024

                        

Leverage (Tier 1) capital

 $1,109,149   11.66% $380,444   4.00% $475,555   5.00%

Risk-Based Capital:

                        

CET 1

 $1,109,149   12.63  $395,068   4.50  $570,654   6.50 

Tier 1

  1,109,149   12.63   526,757   6.00   702,343   8.00 

Total

  1,194,249   13.60   702,343   8.00   877,929   10.00 
                         

December 31, 2023

                        

Leverage (Tier 1) capital

 $1,074,204   11.20% $383,619   4.00% $479,524   5.00%

Risk-Based Capital:

                        

CET 1

 $1,074,204   12.31  $392,643   4.50  $567,151   6.50 

Tier 1

  1,074,204   12.31   523,524   6.00   698,032   8.00 

Total

  1,158,572   13.28   698,032   8.00   872,540   10.00 

 

          

Minimum Capital

  

For Classification

 
          

Adequacy

  

as Well Capitalized

 
  Amount  Ratio  Amount  Ratio  Amount  Ratio 

The Company

 (dollars in thousands) 

December 31, 2024

                        

Leverage (Tier 1) capital

 $1,079,011   11.33% $380,796   4.00%  N/A   N/A 

Risk-Based Capital:

                        

CET 1

 $962,929   10.97  $395,075   4.50   N/A   N/A 

Tier 1

  1,079,011   12.29   526,767   6.00   N/A   N/A 

Total

  1,239,111   14.11   702,356   8.00   N/A   N/A 
                         

December 31, 2023

                        

Leverage (Tier 1) capital

 $1,042,481   10.86% $383,900   4.00%  N/A   N/A 

Risk-Based Capital:

                        

CET 1

 $926,399   10.62  $392,650   4.50   N/A   N/A 

Tier 1

  1,042,481   11.95   523,533   6.00   N/A   N/A 

Total

  1,201,849   13.77   698,044   8.00   N/A   N/A 

 

As of December 31, 2024, both the Company and Bank satisfy the capital conservation buffer requirements applicable to them. The lowest ratio at the Company is the Total Risk Capital Ratio which was 3.61% above the minimum buffer ratio and, at the Bank, the lowest ratio was the Total Risk Based Capital Ratio which was 3.10% above the minimum buffer ratio. 

 
v3.25.0.1
Note 16 - Comprehensive Income
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Comprehensive Income (Loss) Note [Text Block]

Note 16 – Comprehensive Income

 

Total comprehensive income includes all changes in equity during a period from transactions and other events and circumstances from non-owner sources. The Company’s other comprehensive income is comprised of unrealized holding gains and losses on securities available-for-sale, unrealized gains and losses on cash flow hedges, obligations for defined benefit pension plan and an adjustment to reflect the curtailment of the Company’s defined benefit pension plan, each net of taxes.

 

The following table represents the reclassification out of accumulated other comprehensive (loss) income for the periods presented:

 

                         

Affected Line Item in the

Details about Accumulated Other

  

Amounts Reclassified from Accumulated

  

Consolidated

Comprehensive Income (Loss) Components

  

Other Comprehensive Income (Loss)

  

Statements of Income
   

For the Year Ended

    
   

December 31,

    

(dollars in thousands)

  

2024

    

2023

    

2022

    

Net interest income on derivatives

   $ 21,762     $ 20,230     $ 3,243  

Interest income
      (6,117 )     (6,086 )     (976 )

Income tax expense
      15,645       14,144       2,267    

Amortization of pension plan net actuarial losses

     (171 )     (296 )     (66 )

Salaries and employee benefits
      48       89       20  

Income tax benefit
      (123 )     (207 )     (46 )  

Total reclassification

   $ 15,522     $ 13,937     $ 2,221    

 

Accumulated other comprehensive loss as of December 31, 2024 and 2023 consisted of the following:

 

   

2024

    

2023

  
   

(dollars in thousands)

  

Investment securities available-for-sale, net of tax

   $ (69,632 )   $ (57,835 )

Derivatives, net of tax

     22,481       24,810  

Defined benefit pension, net of tax

     (695 )     (2,084 )

Total

   $ (47,846 )   $ (35,109 )

 
v3.25.0.1
Note 17 - Pension and Other Benefits
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Retirement Benefits [Text Block]

Note 17 – Pension and Other Benefits

 

Defined Benefit Plans

 

The Company maintains a frozen, noncontributory pension plan covering employees of the Company prior to the merger with Legacy ConnectOne. The benefits are based on years of service and the employee’s compensation over the prior five-year period. The plan’s benefits are payable in the form of a ten-year certain and life annuity. The plan is intended to be a tax-qualified defined benefit plan under Section 401(a) of the Internal Revenue Code. Payments may be made under the Pension Plan once attaining the normal retirement age of 65 and are generally equal to 44% of a participant’s highest average compensation over a 5-year period.

 

The following table sets forth changes in projected benefit obligation, changes in fair value of plan assets, funded status, and amounts recognized in the consolidated statements of condition for the Company’s pension plans as of December 31, 2024 and 2023.

 

  

2024

  

2023

 
  

(dollars in thousands)

 

Change in Benefit Obligation:

        

Projected benefit obligation as of January 1,

 $9,335  $9,317 

Interest cost

  424   441 

Actuarial (gain) loss

  (433)  251 

Benefits paid

  (1,121)  (674)

Projected benefit obligation as of December 31,

 $8,205  $9,335 

Change in Plan Assets:

        

Fair value of plan assets as of January 1,

 $14,614  $13,257 

Actual return on plan assets

  2,211   2,031 

Benefits paid

  (1,121)  (674)

Fair value of plan assets as of December 31,

 $15,704  $14,614 

Funded status

 $7,499  $5,279 

 

The accumulated benefit obligation was $8.2 million and $9.3 million for the years ended December 31, 2024 and 2023, respectively.

 

 

Amounts recognized as a component of accumulated other comprehensive loss as of the periods presented that have not been recognized as a component of the net periodic pension expense for the plan are presented in the following table. As of December 31, 2024, the Company expects to recognize approximately $0.5 million of the net actuarial loss as a component of net periodic pension expense during 2025.

 

  

As of December 31,

 
  

2024

  

2023

 
  

(dollars in thousands)

 

Net actuarial loss recognized in accumulated other comprehensive income (pre-tax)

 $967  $2,981 

 

The pre-tax, net periodic pension expense (income) and other comprehensive income for the years ended December 31, 2024, 2023 and 2022 includes the following:

 

  

2024

  

2023

  

2022

 
  

(dollars in thousands)

 

Interest cost

 $424  $440  $311 

Expected return on plan assets

  (856)  (838)  (949)

Net amortization

  171   296   66 

Settlement loss

  55   -   - 

Total net periodic pension income

 $(206) $(102) $(572)
             

Actuarial gain

  (1,788)  (941)  (343)

Net amortization included in net income

  (171)  (296)  (66)

Settlement loss included in net income

  (55)  -   - 

Total changes recognized in other comprehensive income

  (2,014)  (1,237)  (409)

Total recognized in net periodic pension income and other comprehensive income

 $(2,220) $(1,339) $(981)

 

 

 

The following table presents the weighted average assumptions used to determine the pension benefit obligations as of December 31, for the following periods.

 

 

2024

 

2023

 

Discount rate

 5.38% 4.72%

Rate of compensation increase

 N/A  N/A 

 

The following table presents the weighted average assumptions used to determine net periodic pension cost for the following three years:

 

  

2025

  

2024

  

2023

 
             

Discount rate

  5.38%  4.72%  4.92%

Expected long-term return on plan assets

  6.00%  6.00%  6.50%

Rate of compensation increase

  N/A   N/A   N/A 

 

The process of determining the overall expected long-term rate of return on plan assets begins with a review of appropriate investment data, including current yields on fixed income securities, historical investment data, historical plan performance and forecasts of inflation and future total returns for the various asset classes. This data forms the basis for the construction of a best-estimate range of real investment returns for each asset class. A weighted average real-return range is computed reflecting the plan’s expected asset mix, and that range, when combined with an expected inflation range, produces an overall best-estimate expected return range. Specific factors such as the plan’s investment policy, reinvestment risk and investment volatility are taken into consideration during the construction of the best estimate real return range, as well as in the selection of the final return assumption from within the range.

 

Plan Assets

 

The general investment policy of the Pension Trust is for the fund to experience growth in assets that will allow the market value to exceed the value of benefit obligations over time. The Company’s pension plan asset allocation as of December 31, 2024 and 2023, target allocation, and expected long-term rate of return by asset are as follows:

 

              

Weighted

 
              

Average

 
      

% of Plan

  

% of Plan

  

Expected

 
      

Assets –

  

Assets –

  

Long-Term

 
  

Target

  

Year Ended

  

Year Ended

  

Rate of

 
  

Allocation

  

2024

  

2023

  

Return

 

Equity Securities

                

Domestic

  60%  70%  66%  4.0%

International

  7   3   4   0.6 

Debt and/or fixed income securities

  31   24   28   1.3 

Cash and other alternative investments, including real estate funds, commodity funds, hedge funds and equity structured notes

  2   3   2   0.1 

Total

  100%  100%  100%  6.0%

 

 

 

The fair values of the Company’s pension plan assets as of December 31, 2024 and 2023, by asset class, are as follows:

 

  

December 31,

             
  

2024

  

Fair Value Measurements at Reporting Date Using

 
      

Quoted Prices

  

Significant

     
      

in Active

  

Other

  

Significant

 
      

Markets for

  

Observable

  

Unobservable

 
      

Identical Assets

  

Inputs

  

Inputs

 

Asset Class

     

(Level 1)

  

(Level 2)

  

(Level 3)

 
  

(dollars in thousands)

 

Cash

 $393  $393  $-  $- 

Equity securities:

                

U.S. companies

  10,952   10,952   -   - 

International companies

  475   475   -   - 

Debt and/or fixed income securities

  3,807   3,807   -   - 

Commodity funds

  52   52   -   - 

Real estate funds

  25   25   -   - 

Total

 $15,704  $15,704  $-  $- 

 

  

December 31,

             
  

2023

  

Fair Value Measurements at Reporting Date Using

 
      

Quoted Prices

  

Significant

     
      

in Active

  

Other

  

Significant

 
      

Markets for

  

Observable

  

Unobservable

 
      

Identical Assets

  

Inputs

  

Inputs

 

Asset Class

     

(Level 1)

  

(Level 2)

  

(Level 3)

 
  

(dollars in thousands)

 

Cash

 $201  $201  $-  $- 

Equity securities:

                

U.S. companies

  9,647   9,647   -   - 

International companies

  654   654   -   - 

Debt and/or fixed income securities

  4,012   4,012   -   - 

Commodity funds

  62   62   -   - 

Real estate funds

  38   38   -   - 

Total

 $14,614  $14,614  $-  $- 

 

Fair Value of Plan Assets

 

The Company used the following valuation methods and assumptions to estimate the fair value of assets held by the plan (for further information on fair value methods, see Note 21):

 

Equity securities and real estate funds: The fair values for equity securities and real estate funds are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2).

 

 

Debt and fixed income securities: Certain debt securities are valued at the closing price reported in the active market in which the bond is traded (Level 1 inputs). Other debt securities are valued based upon recent bid prices or the average of recent bid and asked prices when available (Level 2 inputs) and, if not available, they are valued through matrix pricing models developed by sources considered by management to be reliable. Matrix pricing, which is a mathematical technique commonly used to price debt securities that are not actively traded, values debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3). Discounted cash flows are calculated using spread to continuous yield or quoted market pricing curves. During times when trading is more liquid, broker quotes are used (if available) to validate the model. Rating agency and industry research reports as well as defaults and deferrals on individual securities are reviewed and incorporated into the calculations.

 

The investment manager is not authorized to purchase, acquire or otherwise hold certain types of market securities (subordinated bonds, real estate investment trusts, limited partnerships, naked puts, naked calls, stock index futures, oil, gas or mineral exploration ventures or unregistered securities) or to employ certain types of market techniques (margin purchases or short sales) or to mortgage, pledge, hypothecate, or in any manner transfer as security for indebtedness, any security owned or held by the Plan.

 

Cash Flows

 

Contributions

 

The Bank does not expect to make a contribution in 2025.

 

Estimated Future Benefit Payments

 

The following benefit payments, which reflect expected future service, as appropriate, for the following years are as follows (dollars in thousands):

 

2025

 $732 

2026

  734 

2027

  774 

2028

  773 

2029

  761 

2030 - 2034

  3,544 

 

401(k) Plan

 

The Company maintains a 401(k) plan to provide for defined contributions which covers substantially all employees of the Company. Beginning with the 2014 plan year, the 401(k) plan was amended to provide for a match of 50% of elective contributions, up to 6% of employee salaries. In 2018, the 401 (k) plan was amended to provide for 100% matching of employee contributions up to 5% of employee salaries. For 2024, 2023 and 2022, employer contributions amounted to $2.8 million, $2.6 million and $2.2 million, respectively.

 

Supplemental Executive Retirement Plan (“SERP”)

 

During 2019 and in 2022, the Company adopted supplemental executive retirement plans (“SERP’s”) for the benefit of several of its executive officers. Each SERP is a non-qualified plan which provides supplemental retirement benefits to the participating officers of the Company. SERP compensation expense was $1.2 million, $0.4 million and $1.4 million for the years ended December 31, 2024, December 31, 2023 and December 31, 2022, respectively.

 
v3.25.0.1
Note 18 - Stock Based Compensation
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

Note 18 – Stock Based Compensation

 

The Company’s stockholders approved the 2017 Equity Compensation Plan (“the Plan”) on May 23, 2017. The Plan eliminates all remaining issuable shares under previous plans and is the only outstanding plan as of December 31, 2024. On May 30, 2023, the Company's stockholders approved an amendment to the Plan that increased the maximum number of shares issuable to 1,200,000. Grants under the Plan can be in the form of stock options (qualified or non-qualified), restricted shares, deferred stock units or performance units. Shares available for grant and issuance under the Plan as of December 31, 2024 are approximately 332,638. The Company intends to issue all shares under the Plan in the form of newly issued shares.

 

As of both December 31, 2024 and December 31, 2023, the Company did not have any outstanding stock options. Restricted stock and deferred stock units typically have a three-year vesting period starting one year after the date of grant with one-third vesting each year. Restricted stock granted to new employees and board members may be granted with shorter vesting periods. Grants of performance units typically have a cliff vesting after three years or upon a change of control. All issuances are subject to forfeiture if the recipient leaves or is terminated prior to the awards vesting. Restricted shares have the same dividend and voting rights as common stock, while options, performance units and deferred stock units do not.

 

All awards are issued at the fair value of the underlying shares at the grant date. The Company expenses the cost of the awards, which is determined to be the fair market value of the awards at the date of grant, ratably over the vesting period. Forfeiture rates are not estimated but are recorded as incurred. Stock-based compensation expense was $4.6 million, $4.9 million and $4.9 million for the years ended December 31, 2024, 2023 and 2022, respectively.

 

 

 

Activity under the Company’s restricted shares for year ended December 31, 2024 was as follows:

 

      

Weighted-

 
      

Average

 
  

Nonvested

  

Grant Date

 
  

Shares

  

Fair Value

 

Nonvested as of December 31, 2023

  115,805  $17.85 

Granted

  73,943   19.09 

Vested

  (76,770)  18.42 

Forfeited

  (2,638)  18.97 

Nonvested December 31, 2024

  110,340  $18.26 

 

 

As of December 31, 2024, there was approximately $0.7 million of total unrecognized compensation cost related to nonvested restricted shares granted. The cost is expected to be recognized over a weighted average period of 1.1 years.

 

A summary of the status of unearned performance unit awards and the change during the period is presented in the table below:

 

          

Weighted

 
          

Average Grant

 
  

Units

  

Units

  

Date Fair

 
  

(expected)

  

(maximum)

  

Value

 

Unearned as of December 31, 2023

  164,231      $23.06 

Awarded

  91,691       19.01 

Change in estimate - decrease

  (19,616)      17.93 

Change in estimate - increase

  16,667       28.79 

Vested shares

  (53,041)      25.24 

Cancelled

  (10,260)      23.10 

Unearned as of December 31, 2024

  189,672   302,196  $21.52 

 

As of December 31, 2024, the specific number of shares related to performance units that were expected to vest was 189,674, determined by actual performance in consideration of the established range of the performance targets, which is consistent with the level of expense currently being recognized over the vesting period. Should this expectation change, additional compensation expense could be recorded in future periods or previously recognized expense could be reversed. As of December 31, 2024, the maximum amount of performance units that ultimately could vest if performance targets were exceeded is 302,196. During the year ended December 31, 2024, 53,041 shares vested. A total of 28,971 shares were netted from the vested shares to satisfy employee tax obligations. The net shares issued from vesting of performance units during the year ended December 31, 2024 were 24,070 shares. As of December 31, 2024, compensation cost of approximately $1.5 million related to non-vested performance units not yet recognized is expected to be recognized over a weighted-average period of 1.8 years.

 

A summary of the status of unearned deferred stock units and the changes in deferred stock units during the period is presented in the table below:

 

      

Weighted

 
      

Average Grant

 
  

Units

  

Date Fair

 
  

(expected)

  

Value

 

Unearned as of December 31, 2023

  188,348  $22.11 

Awarded

  81,736   19.01 

Vested shares

  (80,888)  23.05 

Cancelled

  (7,360)  21.53 

Unearned as of December 31, 2024

  181,836  $20.32 

 

Any shares cancelled would result in previously recognized expense being reversed. A portion of the shares that vest will be netted out to satisfy the tax obligations of the recipient. During the year ended December 31, 2024, 80,888 shares vested. A total of 43,346 shares were netted from the vested shares to satisfy employee tax obligations. The net shares issued from vesting of deferred stock units during the year ended December 31, 2024 were 37,542 shares. As of December 31, 2024, compensation cost of approximately $1.1 million related to non-vested deferred stock units, not yet recognized, is expected to be recognized over a weighted-average period of 1.4 years.

 
v3.25.0.1
Note 19 - Dividends and Other Restrictions
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Restrictions on Dividends, Loans and Advances [Text Block]

Note 19 – Dividends and Other Restrictions

 

Certain restrictions, including capital requirements, exist on the availability of undistributed net profits of the Bank for the future payment of dividends to the Parent Corporation. A dividend may not be paid if it would impair the capital of the Bank. As of December 31, 2024, approximately $316.3 million was available for payment of dividends based on regulatory guidelines.

 
v3.25.0.1
Note 20 - Derivatives
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Derivative Instruments and Hedging Activities Disclosure [Text Block]

Note 20 – Derivatives

 

As part of our overall asset liability management and strategy the Company uses derivative instruments, which can include interest rate swaps, collars, caps, and floors. The notional amount does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual agreements. Derivative instruments are recognized on the balance sheet at their fair value and are not reported on a net basis.

 

Derivatives Designated as Hedges

 

Subsequent changes in fair value for a hedging instrument that has been designated and qualifies as part of a hedging relationship are accounted for in the following manner:

 

1) Cash flow hedges: changes in fair value are recognized as a component in other comprehensive income

2) Fair value hedges: changes in fair value are recognized concurrently in earnings

 

As long as a hedging instrument is designated and the results of the effectiveness testing support that the instrument qualifies for hedge accounting treatment, 100% of the periodic changes in fair value of the hedging instrument are accounted for as outlined above. This is the case whether or not economic mismatches exist in the hedging relationship. As a result, there is no periodic measurement or recognition of ineffectiveness. Rather, the full impact of hedge gains and losses is recognized in the period in which the hedged transactions impact earnings. The change in fair value of the hedging instrument that is included in the assessment of hedge effectiveness is presented in the same income statement line item that is used to present the earnings effect of the hedged item.

 

 Cash Flow Hedges

 

The Company during 2021, 2022 and 2024 entered into twelve pay fixed-rate interest rate swaps, with a total notional amount of $550 million. These are designated as cash flow hedges of outstanding Federal Home Loan Bank advances. We are required to pay fixed rates of interest ranging from 0.63% to 3.72% and receive variable rates of interest that reset quarterly based on the daily compounding secured overnight financing rate (“SOFR”). The twelve swaps carry expiration dates ranging from  December 2025 to  March 2028. The swaps are determined to be fully effective during the period presented and therefore no amount of ineffectiveness has been included in net income. Therefore, the aggregate fair value of the swap is recorded in other assets (liabilities) with changes in fair value recorded in other comprehensive income (loss). The amount included in accumulated other comprehensive income (loss) would be reclassified to current earnings should the hedges no longer be considered effective. The Company expects the hedges to remain fully effective during the remaining term of the swaps. 

 

The Company previously entered into two forward starting interest rate cap spread transactions, one with a total notional amount of $150 million, which became effective on  October 1, 2022 and which matures in  October of 2027 and one interest rate cap spread transaction, with a total notional amount of $75 million, which became effective in  November 2022 and which matures in  November of 2027. These are designated as cash flow hedges of brokered certificates of deposit, and the interest rate cap spread is indexed to a benchmark of fed funds with payment required on a monthly basis. The structure of these instruments is such that the Company entered into a total of $225 million in notional amount of sold interest rate cap agreements, in which we are required to pay the counterparty an incremental amount if the index rate exceeds a set cap rate. Simultaneously, the Company purchased a total of $225 million notional amount of interest rate cap agreements in which we receive an incremental amount if the index rate is above a set cap rate. No payments are required if the index rate is at, or below, the cap rate on the sold or purchased interest rate cap agreements.

 

Interest income recorded on these swap and cap transactions totaled approximately $21.8 million, $20.2 million, and $3.3 million during 2024, 2023, and 2022 and is reported as a component of either interest expense on FHLB advances or brokered certificates of deposits.

 

 

The following table presents the net gains (losses), recorded in accumulated other comprehensive income and the Consolidated Statements of Income relating to the cash flow derivative instruments for the years ended December 31, 2024 and 2023:

 

  

2024

 
  

Amount of gain

  

Amount of (gain)

  

Amount of gain (loss)

 
  

(loss) recognized

  

loss reclassified

  

recognized in other

 
  

in OCI (Effective

  

from OCI to

  

Noninterest income

 

(dollars in thousands)

 

Portion)

  

interest expense

  

(Ineffective Portion)

 

Interest rate contracts

 $17,547  $(21,762) $- 

 

  

2023

 
  

Amount of gain

  

Amount of (gain)

  

Amount of gain (loss)

 
  

(loss) recognized

  

loss reclassified

  

recognized in other

 
  

in OCI (Effective

  

from OCI to

  

Noninterest income

 

(dollars in thousands)

 

Portion)

  

interest expense

  

(Ineffective Portion)

 

Interest rate contracts

 $9,431  $(20,230) $- 

 

The following table reflects the cash flow hedges included in the Consolidated Statements of Condition as of December 31, 2024 and December 31, 2023:

 

  

2024

  

2023

 
  

Notional

      

Notional

     

(dollars in thousands)

 

Amount

  

Fair Value

  

Amount

  

Fair Value

 

Included in other assets/(liabilities):

                

Interest rate contracts

 $1,000,000  $37,398  $950,000  $43,805 

 

There were no net gains (losses) recorded in accumulated other comprehensive income or in the Consolidated Statement of Income relating to cash flow derivative instruments for the years ended December 31, 2024 and December 31, 2023.

 
v3.25.0.1
Note 21 - Fair Value Measurements and Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

Note 21 – Fair Value Measurements and Fair Value of Financial Instruments

 

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

 

The FASB ASC 820-10, “Fair Value Measurements and Disclosures”, is the standard used to govern disclosures related to fair value measurements. FASB ASC 820-10-05 defines fair value, establishes a framework for measuring fair value, establishes a three-level valuation hierarchy for disclosure of fair value measurements and enhances disclosure requirements for fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date.

 

FASB ASC 820-10-65 provides additional guidance for estimating fair value in accordance with FASB ASC 820-10-05 when the volume and level of activity for the asset or liability have significantly decreased. This ASC also includes guidance on identifying circumstances that indicate a transaction is not orderly.

 

FASB ASC 820-10-05 establishes a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FASB ASC 820-10-05 are as follows:

 

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

 

Level 2: Quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

 

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (for example, supported with little or no market activity).

 

An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to the wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful.

 

Assets and Liabilities Measured at Fair Value on a Recurring Basis

 

The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a recurring basis as of December 31, 2024 and December 31, 2023:

 

Securities Available-for-Sale: Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 inputs include securities that have quoted prices in active markets for identical assets. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flows. Examples of instruments, which would generally be classified within Level 2 of the valuation hierarchy include municipal bonds and certain agency collateralized mortgage obligations. In certain cases where there is limited activity in the market for a particular instrument, assumptions must be made to determine the fair value of the instruments and these are classified as Level 3. When measuring fair value, the valuation techniques available under the market approach, income approach and/or cost approach are used. The Company’s evaluations are based on market data and the Company employs combinations of these approaches for its valuation methods depending on the asset class.

 

Derivatives: The fair value of derivatives are based on valuation models using observable market data as of the measurement date (level 2). Our derivatives are traded in an over-the-counter market where quoted market prices are not always available. Therefore, the fair values of derivatives are determined using quantitative models that utilize multiple market inputs. The inputs will vary based on the type of derivative, but could include interest rates, prices and indices to generate continuous yield or pricing curves, prepayment rate, and volatility factors to value the position. The majority of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services.

 

 

For financial assets and liabilities measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used as of December 31, 2024 and  December 31, 2023 are as follows:

 

      

December 31, 2024

 
      

Fair Value Measurements at Reporting Date Using

 
      

Quoted Prices

         
      

in Active

  

Significant

     
      

Markets for

  

Other

  

Significant

 
      

Identical

  

Observable

  

Unobservable

 
      

Assets

  

Inputs

  

Inputs

 
  

Total Fair Value

  

(Level 1)

  

(Level 2)

  

(Level 3)

 

(dollars in thousands)

                

Recurring fair value measurements:

                

Assets

                

Investment securities:

                

Available-for-sale:

                

Federal agency obligations

 $84,670  $-  $84,670  $- 

Residential mortgage pass-through securities

  378,838   -   378,838   - 

Commercial mortgage pass-through securities

  20,892   -   20,892   - 

Obligations of U.S. states and political subdivision

  122,404   -   115,878   6,526 

Corporate bonds and notes

  4,987   -   4,987   - 

Asset-backed securities

  885   -   885   - 

Certificates of deposit

  -   -   -   - 

Other securities

  171   171   -   - 

Total available-for-sale

 $612,847  $171  $606,150  $6,526 
                 

Equity securities

  20,092   9,739   10,353   - 

Derivatives - interest rate contracts

  37,398   -   37,398   - 

Total assets

 $670,337  $9,910  $653,901  $6,526 

 

There were no transfers between Level 1, Level 2 and Level 3 during the years ended December 31, 2024 and 2023.

 

 

      

December 31, 2023

 
      

Fair Value Measurements at Reporting Date Using

 
      

Quoted Prices

         
      

in Active

  

Significant

     
      

Markets for

  

Other

  

Significant

 
      

Identical

  

Observable

  

Unobservable

 
      

Assets

  

Inputs

  

Inputs

 
  

Total Fair Value

  

(Level 1)

  

(Level 2)

  

(Level 3)

 

(dollars in thousands)

                

Recurring fair value measurements:

                

Assets

                

Investment securities:

                

Available-for-sale:

                

Federal agency obligations

 $45,326  $-  $45,326  $- 

Residential mortgage pass-through securities

  411,191   -   411,191   - 

Commercial mortgage pass-through securities

  21,564   -   21,564   - 

Obligations of U.S. states and political subdivision

  132,705   -   125,583   7,122 

Corporate bonds and notes

  4,973   -   4,973   - 

Asset-backed securities

  1,238   -   1,238   - 

Certificates of deposit

  -   -   -   - 

Other securities

  165   165   -   - 

Total available-for-sale

 $617,162  $165  $609,875  $7,122 
                 

Equity securities

  18,564   9,867   8,697   - 

Derivatives - interest rate contracts

  43,805   -   43,805   - 

Total assets

 $679,531  $10,032  $662,377  $7,122 

 

Assets Measured at Fair Value on a Non-Recurring Basis

 

The Company may be required periodically to measure certain assets at fair value on a non-recurring basis in accordance with GAAP. These adjustments to fair value usually result from the application of lower of cost or fair value accounting or impairment write-downs of individual assets. The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a non-recurring basis as of December 31, 2024 and December 31, 2023:

 

 

Collateral Dependent Loans: The Company may record adjustments to the carrying value of loans based on fair value measurements, either as an individually evaluated allowance or as partial charge-offs of the uncollectible portions of these loans. Individually evaluated allowances are calculated in accordance with GAAP. Individually evaluated allowances are generally based on the fair value of the underlying collateral supporting the loan and, as a result, the carrying value of the loan less the individually evaluated allowance amount applicable to that loan does not necessarily represent the fair value of the loan. Real estate collateral is valued using independent appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable by market participants. However, due to the substantial judgment applied and limited volume of activity as compared to other assets, fair value is based on Level 3 inputs. Estimates of fair value used for collateral supporting commercial loans generally are based on assumptions not observable in the marketplace and are also based on Level 3 inputs.

 

For assets measured at fair value on a nonrecurring basis, the fair value measurements as of December 31, 2024 and  December 31, 2023 are as follows:

 

 

      

Fair Value Measurements at Reporting Date Using

 
      

Quoted

         
      

Prices

         
      

in Active

  

Significant

     
      

Markets for

  

Other

  

Significant

 
      

Identical

  

Observable

  

Unobservable

 
  

December 31,

  

Assets

  

Inputs

  

Inputs

 
  

2024

  

(Level 1)

  

(Level 2)

  

(Level 3)

 

Assets measured at fair value on a nonrecurring basis:

 

(dollars in thousands)

 

Collateral dependent loans:

                

Commercial

 $726  $-  $-  $726 

Commercial real estate

  2,913   -   -   2,913 

 

      

Fair Value Measurements at Reporting Date Using

 
      

Quoted

         
      

Prices

         
      

in Active

  

Significant

     
      

Markets for

  

Other

  

Significant

 
      

Identical

  

Observable

  

Unobservable

 
  

December 31,

  

Assets

  

Inputs

  

Inputs

 
  

2023

  

(Level 1)

  

(Level 2)

  

(Level 3)

 

Assets measured at fair value on a nonrecurring basis:

 

(dollars in thousands)

 

Collateral dependent loans:

                

Commercial

 $657  $-  $-  $657 

Commercial real estate

  7,005   -   -   7,005 
                 

 

Collateral dependent loans - Collateral dependent loans as of December 31, 2024 that required a valuation allowance were $4.7 million with a related valuation allowance of $1.1 million. As of  December 31, 2023 loans that required      a valuation allowance were $9.0 million with a related valuation allowance of $1.3 million.

 

 

Assets Measured With Significant Unobservable Level 3 Inputs

 

Recurring basis

 

The tables below present a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2024 and year ended December 31, 2023:

 

  

Municipal

 
  

Securities

 
  

(dollars in thousands)

 

Beginning balance, January 1, 2024

 $7,122 

Principal paydowns

  (304)

Changes in unrealized gain (loss)

  (292)

Ending balance, December 31, 2024

 $6,526 

 

  

Municipal

 
  

Securities

 
  

(dollars in thousands)

 

Beginning balance, January 1, 2023

 $7,349 

Principal paydowns

  (272)

Changes in unrealized gain (loss)

  45 

Ending balance, December 31, 2023

 $7,122 

 

The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a recurring basis as of December 31, 2024 and December 31, 2023. The table below provides quantitative information about significant unobservable inputs used in fair value measurements within Level 3 hierarchy.

 

December 31, 2024

    

Valuation

 

Unobservable

   
  

Fair Value

 

Techniques

 

Input

 

Range

 

Securities available-for-sale:

    

(dollars in thousands)

     

Municipal securities

 $6,526 

Discounted cash flows

 

Discount rate

 5.0%

 

December 31, 2023

    

Valuation

Unobservable

    
  

Fair Value

 

Techniques

Input

 

Range

 

Securities available-for-sale:

    

(dollars in thousands)

     

Municipal securities

 $7,122 

Discounted cash flows

Discount rate

  4.3%

 

 

 

Non-recurring basis

 

The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a non-recurring basis for the periods presented. The tables below provide quantitative information about significant unobservable inputs used in fair value measurements within Level 3 hierarchy.

 

December 31, 2024

 
     

Valuation

 

Unobservable

   

(dollars in thousands)

 

Fair Value

 

Techniques

 

Input

 

Range (weighed average)

 

Commercial loans

 $726 

Appraisals of collateral

 

Adjustment for comparable sales

 

-10% to +5% (-4.3%)

 

Commercial real estate loans

  2,913 

Appraisals of collateral

 

Adjustment for comparable sales

 

-40% to +0% (-14.3%)

 

 

December 31, 2023

          
     

Valuation

 

Unobservable

   

(dollars in thousands)

 

Fair Value

 

Techniques

 

Input

 

Range (weighed average)

 

Commercial loans

 $657 

Appraisals of collateral

 

Adjustment for comparable sales

 -7.5% to +25% (+.1%) 

Commercial real estate loans

  7,005 

Appraisals of collateral

 

Adjustment for comparable sales

 

-15% to +0% (-10.3%)

 
           
           

 

 

Fair Value of Financial Instruments

 

FASB ASC 825-10 requires all entities to disclose the estimated fair value of their financial instrument assets and liabilities. For the Company, as for most financial institutions, the majority of its assets and liabilities are considered financial instruments as defined in FASB ASC 825-10. Many of the Company’s financial instruments, however, lack an available trading market as characterized by a willing buyer and willing seller engaging in an exchange transaction. It is also the Company’s general practice and intent to hold its financial instruments to maturity and not to engage in trading or sales activities except for loans held-for-sale and investment securities available-for-sale. Therefore, significant estimations and assumptions, as well as present value calculations, were used by the Company for the purposes of this disclosure.

 

Fair values for financial instruments must be estimated by management using techniques such as discounted cash flow analysis and comparison to similar instruments. These estimates are highly subjective and require judgments regarding significant matters, such as the amount and timing of future cash flows and the selection of discount rates that appropriately reflect market and credit risks. Changes in these judgments often have a material effect on the fair value estimates. Since these estimates are made as of a specific point in time, they are susceptible to material near-term changes. Fair values disclosed in accordance with ASC Topic 825 do not reflect any premium or discount that could result from the sale of a large volume of a particular financial instrument, nor do they reflect possible tax ramifications or estimated transaction costs.

 

Cash and cash equivalents. The carrying amounts of cash and short-term instruments approximate fair values.

 

FHLB stock. It is not practical to determine the fair value of FHLB stock due to restrictions placed on its transferability.

 

Loans. The fair value of portfolio loans, net is determined using an exit price methodology. The exit price methodology continues to be based on a discounted cash flow analysis, in which projected cash flows are based on contractual cash flows adjusted for prepayments for certain loan types (e.g., residential mortgage loans and multi family loans) and the use of a discount rate based on expected relative risk of the cash flows. The discount rate selected considers loan type, maturity date, a liquidity premium, cost to service, and cost of capital, which is a Level 3 fair value estimate.

 

Deposits. The carrying amounts of deposits with no stated maturities (i.e., non‐interest-bearing, savings, NOW, and money market deposits) are assigned fair values equal to the carrying amounts payable on demand. The fair value of time deposits is based on the discounted value of contractual cash flows using estimated rates currently offered for alternative funding sources of similar remaining maturity.

 

Term Borrowings and Subordinated Debentures. The fair value of the Company’s long-term borrowings and subordinated debentures were calculated using a discounted cash flow approach and applying discount rates currently offered based on weighted remaining maturities.

 

Accrued Interest Receivable/Payable. The carrying amounts of accrued interest approximate fair value resulting in a level 2 or level 3 classification based on the level of the asset or liability with which the accrual is associated.

 

 

The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of December 31, 2024 and December 31, 2023:

 

          

Fair Value Measurements

 
          

Quoted

         
          

Prices in

         
          

Active

  

Significant

     
          

Markets for

  

Other

  

Significant

 
          

Identical

  

Observable

  

Unobservable

 
  

Carrying

  

Fair

  

Assets

  

Inputs

  

Inputs

 
  

Amount

  

Value

  

(Level 1)

  

(Level 2)

  

(Level 3)

 
  

(dollars in thousands)

 

December 31, 2024

                    

Financial assets:

                    

Cash and due from banks

 $356,488  $356,488  $356,488  $-  $- 

Investment securities available-for-sale

  612,847   612,847   171   606,150   6,526 

Restricted investment in bank stocks

  40,449   n/a   n/a   n/a   n/a 

Equity securities

  20,092   20,092   9,739   10,353   - 

Net loans

  8,192,125   7,980,038   -   -   7,980,038 

Derivatives - interest rate contracts

  37,398   37,398   -   37,398   - 

Accrued interest receivable

  45,498   45,498   -   5,444   40,054 
                     

Financial liabilities:

                    

Noninterest-bearing deposits

  1,422,044   1,422,044   1,422,044   -   - 

Interest-bearing deposits

  6,398,070   6,387,896   3,840,870   2,547,026   - 

Borrowings

  688,064   687,273   -   687,273   - 

Subordinated debentures

  79,944   77,968   -   77,968   - 

Accrued interest payable

  9,320   9,320   -   9,320   - 
                     

December 31, 2023

                    

Financial assets:

                    

Cash and due from banks

 $242,714  $242,714  $242,714  $-  $- 

Investment securities available-for-sale

  617,162   617,162   165   609,875   7,122 

Restricted investment in bank stocks

  51,457   n/a   n/a   n/a   n/a 

Equity securities

  18,564   18,564   9,867   8,697   - 

Net loans

  8,263,171   8,001,504   -   -   8,001,504 

Derivatives - interest rate contracts

  43,805   43,805   -   43,805   - 

Accrued interest receivable

  49,108   49,108   -   5,387   43,721 
                     

Financial liabilities:

                    

Noninterest-bearing deposits

  1,259,364   1,259,364   1,259,364   -   - 

Interest-bearing deposits

  6,276,838   6,256,444   3,745,467   2,510,977   - 

Borrowings

  933,579   932,081   -   932,081   - 

Subordinated debentures

  79,439   77,952   -   77,952   - 

Accrued interest payable

  10,152   10,152   -   10,152   - 

 

 

The fair value of commitments to originate loans is estimated using the fees currently charged to enter into similar agreements, considering the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair values of letters of credit and lines of credit are based on fees currently charged for similar agreements or on the estimated cost to terminate or otherwise settle the obligations with the counterparties at the reporting date. The fair value of commitments to originate loans is immaterial and not included in the tables above.

 

Changes in assumptions or estimation methodologies may have a material effect on these estimated fair values.

 

The Company’s remaining assets and liabilities, which are not considered financial instruments, have not been valued differently than has been customary with historical cost accounting. No disclosure of the relationship value of the Company’s core deposit base is required by FASB ASC 825-10.

 

Fair value estimates are based on existing balance sheet financial instruments, without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. For example, there are certain significant assets and liabilities that are not considered financial assets or liabilities, such as the brokerage network, deferred taxes, premises and equipment, and goodwill. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates.

 

Management believes that reasonable comparability between financial institutions may not be likely, due to the wide range of permitted valuation techniques and numerous estimates which must be made, given the absence of active secondary markets for many of the financial instruments. This lack of uniform valuation methodologies also introduces a greater degree of subjectivity to these estimated fair values.

 
v3.25.0.1
Note 22 - Parent Corporation Only Financial Statements
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Note 22 – Parent Corporation Only Financial Statements

 

The Parent Corporation operates its wholly-owned subsidiary, the Bank. The earnings of this subsidiary are recognized by the Parent Corporation using the equity method of accounting. Accordingly, earnings are recorded as increases in the Parent Corporation’s investment in the subsidiaries and dividends paid reduce the investment in the subsidiaries. The ability of the Parent Corporation to pay dividends will largely depend upon the dividends paid to it by the Bank. Dividends payable by the Bank to the Parent Corporation are restricted under supervisory regulations (see Note 19 of the Notes to Consolidated Financial Statements).

 

Condensed financial statements of the Parent Corporation only are as follows: 

                              

  

Condensed Statements of Condition

 
  

As of December 31,

 
  

2024

  

2023

 
  

(dollars in thousands)

 

ASSETS

        

Cash and cash equivalents

 $36,152  $35,885 

Investment in subsidiaries

  1,276,997   1,253,497 

Investment securities

  156   156 

Equity securities

  8,654   6,957 

Other assets

  3   - 

Total assets

 $1,321,962  $1,296,495 

LIABILITIES AND STOCKHOLDERS’ EQUITY

        

Other liabilities

  314   436 

Subordinated debentures, net

  79,944   79,439 

Stockholders’ equity

  1,241,704   1,216,620 

Total liabilities and stockholders’ equity

 $1,321,962  $1,296,495 

                         

                                                                                                                                                                                                             

  

Condensed Statements of Income

 
  

For Years Ended December 31,

 
  

2024

  

2023

  

2022

 
  

(dollars in thousands)

 

Income:

            

Dividend income from subsidiaries

 $45,950  $50,725  $36,475 

Other income

  177   946   1,638 

Total Income

  46,127   51,671   38,113 

Expenses

  (5,406)  (6,359)  (8,928)

Income before equity in undistributed earnings of subsidiaries

  40,721   45,312   29,185 

Equity in undistributed earnings of subsidiaries

  33,072   41,691   96,026 

Net Income

  73,793   87,003   125,211 

Preferred dividends

  6,036   6,036   6,037 

Net income available to common stockholders

 $67,757  $80,967  $119,174 

                                                                                                                                                                                                                                                                                                                                  

 

                                                                                                                                                                                                                                                     

 

  

Condensed Statements of Cash Flows

 
  

For Years Ended December 31

 
  

2024

  

2023

  

2022

 
  

(dollars in thousands)

 
             

Cash flows from operating activities:

            

Net income

 $73,793  $87,003  $125,211 

Adjustments to reconcile net income to net cash provided by operating activities:

            

Equity in undistributed earnings of subsidiary

  (33,072)  (41,691)  (96,026)

(Gain) loss on equity securities, net

  (164)  131   45 

Amortization of subordinated debt issuance costs

  505   1,184   304 

(Increase) decrease in other assets

  (3)  699   - 

Decrease in other liabilities

  (122)  (1,384)  (14)

Net cash provided by operating activities

  40,937   45,942   29,520 
             

Cash flows from investing activities:

            

Payments for investments and advances in subsidiaries

  -   (32,250)  - 

Repayment of investments and advances in subsidiaries

  -   32,250   - 

Purchases of equity securities

  (1,533)  (2,870)  (3,538)

Net cash used in investing activities

  (1,533)  (2,870)  (3,538)
             

Cash flows from financing activities:

            

Repayment of subordinated debt

  -   (75,000)  - 

Cash dividends paid on preferred stock

  (6,036)  (6,036)  (6,037)

Cash dividends paid on common stock

  (27,281)  (25,912)  (23,428)

Purchase of treasury stock

  (5,820)  (17,497)  (13,127)

Proceeds from exercise of stock options

  -   96   124 

Net cash used in financing activities

  (39,137)  (124,349)  (42,468)
             

Increase (decrease) increase in cash and cash equivalents

  267   (81,277)  (16,486)

Cash and cash equivalents as of January 1,

  35,885   117,162   133,648 

Cash and cash equivalents as of December 31,

 $36,152  $35,885  $117,162 

 

 
v3.25.0.1
Note 23 - Quarterly Financial Information of ConnectOne Bancorp, Inc. (Unaudited)
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Quarterly Financial Information [Text Block]

Note 23 – Quarterly Financial Information of ConnectOne Bancorp, Inc. (unaudited)

 

  

2024

 
  

4th Quarter

  

3rd Quarter

  

2nd Quarter

  

1st Quarter

 
  

(dollars in thousands, except per share data)

 

Total interest income

 $128,033  $130,242  $130,007  $129,607 

Total interest expense

  63,322   69,355   68,568   69,307 

Net interest income

  64,711   60,887   61,439   60,300 

Provision for credit losses

  3,500   3,800   2,500   4,000 

Total other income

  3,744   4,737   4,399   3,848 

Other expenses

  38,498   38,641   37,594   37,065 

Income before income taxes

  26,457   23,183   25,744   23,083 

Income tax expense

  6,086   6,022   6,688   5,878 

Net income

  20,371   17,161   19,056   17,205 

Preferred dividends

  1,509   1,509   1,509   1,509 

Net income available to common stockholders

 $18,862  $15,652  $17,547  $15,696 

Earnings per share:

                

Basic

 $0.49  $0.41  $0.46  $0.41 

Diluted

  0.49   0.41   0.46   0.41 

 

Note: Due to rounding, quarterly earnings per share for 2024 do not sum to reported annual earnings per share.

 

  

2023

 
  

4th Quarter

  

3rd Quarter

  

2nd Quarter

  

1st Quarter

 
  

(dollars in thousands, except per share data)

 

Total interest income

 $128,957  $123,686  $121,325  $116,097 

Total interest expense

  67,135   61,329   57,482   49,013 

Net interest income

  61,822   62,357   63,843   67,084 

Provision for credit losses

  2,700   1,500   3,000   1,000 

Total other income, net of securities gains

  4,209   3,562   3,438   2,792 

Other expenses

  37,845   35,784   35,450   34,870 

Income before income taxes

  25,486   28,635   28,831   34,006 

Income tax expense

  6,213   7,228   7,437   9,077 

Net income

  19,273   21,407   21,394   24,929 

Preferred dividends

  1,509   1,509   1,509   1,509 

Net income available to common stockholders

 $17,764  $19,898  $19,885  $23,420 

Earnings per share:

                

Basic

 $0.46  $0.51  $0.51  $0.60 

Diluted

  0.46   0.51   0.51   0.59 

 

 

 
v3.25.0.1
Note 24 - Segment Information
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

Note 24 – Segment Information

 

The Company's reportable segment is determined by the Chief Executive Officer, who is designated the Chief Operating Decision Maker ("CODM"), based upon information about the Company's products and services offered, primarily banking operations. The segment is also distinguished by the level of information provided to the CODM, who uses such information to review performance of various components of the business (such as branches and subsidiary banks), which are then aggregated if operating performance, products/services, and customers are similar. The CODM will evaluate the financial performance of the Company's business components such as by evaluating revenue streams, significant expenses, and budget to actual results in assessing the Company's segment and in the determination of allocating resources. The CODM uses revenue streams to evaluate product pricing and significant expenses to assess performance and evaluate return on assets. The CODM uses consolidated net income to benchmark the Company against its competitors. The benchmarking analysis coupled with monitoring of budget to actual results are used in assessment performance and in establishing compensation. Loans, investments, and deposits provide the revenues in the banking operation. Interest expense, provision for credit losses, and payroll provide the significant expenses in the banking operation. All operations are domestic.    

 

Accounting policies for segments are the same as those described in Note 1a. Segment performance is evaluated using consolidated bank net income. Information reported internally for performance assessment by the CODM follows, inclusive of reconciliations of significant segment totals to the financial statements:

 

  

Consolidated Bank

 
  

2024

  

2023

  

2022

 

(dollars in thousands)

            
             

Interest income

 $517,889  $490,065  $373,746 

Noninterest income

  16,563   14,131   13,288 

Total segment income

 $534,452  $504,196  $387,034 
             

Less:

            

Interest expense

  265,314   229,789   64,544 

Segment net interest income and noninterest income

  269,138   274,407   322,490 

Less:

            

Provision for credit losses

  13,800   8,200   17,750 

Salaries and employee benefits

  90,053   88,223   80,717 

Other segment items*

  61,590   55,613   45,509 

Income tax expense

  24,673   29,955   46,014 

Segment consolidated net income

 $79,022  $92,416  $132,500 
             

Other segment disclosures

            

Interest income

 $517,889  $490,065  $373,746 

Interest expense

  265,314   229,789   64,544 

Depreciation

  4,422   4,503   3,863 

Amortization of core deposit intangibles

  1,235   1,438   1,675 

Other significant noncash items:

            

Provision for credit losses

  13,800   8,200   17,750 

Segment assets

  9,870,788   9,848,491   9,640,575 

Total expenses for segment assets

  455,431   411,781   254,533 
             

Reconciliation of assets

            

Total assets for segment

 $9,870,788  $9,848,491  $9,640,575 

Other assets

  8,812   71,123   4,373 

Total consolidated assets

 $9,879,600  $9,855,603  $9,644,948 

 

*Other segment items for consolidated bank include expenses for occupancy and equipment, FDIC insurance, professional and consulting, marketing and advertising, merger expenses and other expenses. 

 
v3.25.0.1
Insider Trading Arrangements
 12 Months Ended
Dec. 31, 2024
Insider Trading Arr Line Items  
Rule 10b5-1 Arrangement Adopted [Flag] false
Rule 10b5-1 Arrangement Terminated [Flag] false
Non-Rule 10b5-1 Arrangement Terminated [Flag] false
Non-Rule 10b5-1 Arrangement Adopted [Flag] false
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Cybersecurity Risk Management, Strategy and Governance

 

Cybersecurity is a material part of ConnectOne’s business. As a financial institution offering products through multiple digital delivery channels, cybersecurity incidents could have a material effect on the Company, its results of operations and its reputation, although to date the Company has not experienced any cybersecurity incident which has had a material effect on the Company’s business strategy, results of operations or financial condition. See “Item 1A- Risk Factors - We cannot predict how changes in technology will impact our business; increased use of technology may expose us to service interruptions or breaches in security.”

 

Cybersecurity risk is initially overseen at ConnectOne by the management IT Committee (the “ITC”). The members of this committee include, as co-chairs, the Chief Compliance Officer and the Chief Technology Officer.  Additional members are our Information Security Officer, Information Technology (“IT”) Manager, Chief Risk Officer, Chairman & Chief Executive Officer, Chief Digital Officer and Chief Brand and Innovation Officer.

 

 

●

Tarak Patel, Information Security Officer - Mr. Patel has facilitated the management of information security programs at financial institutions for over 17 years.
     
 

●

Sharif Alexandre, Chief Technology Officer - Mr. Alexandre has over 20 years industry experience including managing Information Technology and Software Development teams at organizations ranging from technology startups to Fortune 500 companies. He recently oversaw IT operations and currently leads the Software Development and Data Management teams at the Bank.   
     
 

●

Laura Criscione, Chief Compliance Officer - Ms. Criscione oversees the company’s Compliance and Information Security. Ms. Criscione has overseen Compliance and IT Operations throughout her more than 30-year career in financial institutions.
     
 

●

Dale Dwaileebe, IT Manager - Mr. Dwaileebe has over 20 years of IT experience, is a current member of Infragard, and holds multiple industry recognized certifications.
     
 

●

Michael O’Malley, Chief Risk Officer – Mr. O’Malley oversees entity-wide risk management, including cybersecurity related risk.
     
 

●

Ali Mattera, Chief Digital Officer – Ms. Mattera is a technology subject matter expert with over 13 years of IT leadership and over 18 years of financial service experience. In her career she has been responsible for technology/digital strategy, enterprise program management, data analytics and IT service management at other financial institutions.

 

In addition to the members above, Frank Sorrentino III, Chairman & Chief Executive Officer and Siya Vansia, Chief Brand & Innovation Officer are also members of the ITC due to their roles in overseeing entity-wide management.

 

 

 

In order to ensure that cybersecurity risk management is integrated into the Company’s overall risk management plans, systems and processes, members of the ITC, along with other lines of business heads, report to the management Enterprise Risk Management Committee (the “ERMC”), which in turn reports to the Board Audit and Risk Committee quarterly. The ERMC consists of the Company’s Chief Risk Officer, Chairman & CEO, President, Chief Financial Officer, Treasurer, Chief Compliance Officer, Chief Technology Officer and Chief Credit Officer. In addition, the Company’s Chief Technology Officer attends Company Board of Directors meetings and provides an information technology ("IT") report at each meeting.

 

The Company’s cybersecurity risk mitigation program involves a combination of internal resources and the use of third parties. The Company’s internal IT team performs monthly vulnerability scanning and performs an annual risk assessment based on the National Institute of Standards and Technology Cybersecurity Framework. The results are reported to the ITC. The Company’s IT and compliance staff also review potential cybersecurity threats associated with the Company’s third-party vendors, including performing a review of and obtaining a System of Organization Controls report from all vendors rated as “high risk” by the Company’s internal vendor management program. The Company also has an internal Incident Response Plan and Team, which is charged with overseeing the Company’s response to any cybersecurity incident. The team performs a table-top exercise at least annually to prepare to respond in the event of any actual cybersecurity incident.

 

In addition to these internal resources, the Company uses a third-party vendor to undertake annual penetration and vulnerability testing, with the results reported to the ITC. Finally, the Company’s cybersecurity compliance program is audited by the Bank’s outsourced internal auditor.

 

The Company also maintains insurance which may provide coverage for expenses and certain losses incurred in connection with a cybersecurity incident.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]

Cybersecurity Risk Management, Strategy and Governance

 

Cybersecurity is a material part of ConnectOne’s business. As a financial institution offering products through multiple digital delivery channels, cybersecurity incidents could have a material effect on the Company, its results of operations and its reputation, although to date the Company has not experienced any cybersecurity incident which has had a material effect on the Company’s business strategy, results of operations or financial condition. See “Item 1A- Risk Factors - We cannot predict how changes in technology will impact our business; increased use of technology may expose us to service interruptions or breaches in security.”

 

Cybersecurity risk is initially overseen at ConnectOne by the management IT Committee (the “ITC”). The members of this committee include, as co-chairs, the Chief Compliance Officer and the Chief Technology Officer.  Additional members are our Information Security Officer, Information Technology (“IT”) Manager, Chief Risk Officer, Chairman & Chief Executive Officer, Chief Digital Officer and Chief Brand and Innovation Officer.

 

 

●

Tarak Patel, Information Security Officer - Mr. Patel has facilitated the management of information security programs at financial institutions for over 17 years.
     
 

●

Sharif Alexandre, Chief Technology Officer - Mr. Alexandre has over 20 years industry experience including managing Information Technology and Software Development teams at organizations ranging from technology startups to Fortune 500 companies. He recently oversaw IT operations and currently leads the Software Development and Data Management teams at the Bank.   
     
 

●

Laura Criscione, Chief Compliance Officer - Ms. Criscione oversees the company’s Compliance and Information Security. Ms. Criscione has overseen Compliance and IT Operations throughout her more than 30-year career in financial institutions.
     
 

●

Dale Dwaileebe, IT Manager - Mr. Dwaileebe has over 20 years of IT experience, is a current member of Infragard, and holds multiple industry recognized certifications.
     
 

●

Michael O’Malley, Chief Risk Officer – Mr. O’Malley oversees entity-wide risk management, including cybersecurity related risk.
     
 

●

Ali Mattera, Chief Digital Officer – Ms. Mattera is a technology subject matter expert with over 13 years of IT leadership and over 18 years of financial service experience. In her career she has been responsible for technology/digital strategy, enterprise program management, data analytics and IT service management at other financial institutions.

 

In addition to the members above, Frank Sorrentino III, Chairman & Chief Executive Officer and Siya Vansia, Chief Brand & Innovation Officer are also members of the ITC due to their roles in overseeing entity-wide management.

 

 

 

In order to ensure that cybersecurity risk management is integrated into the Company’s overall risk management plans, systems and processes, members of the ITC, along with other lines of business heads, report to the management Enterprise Risk Management Committee (the “ERMC”), which in turn reports to the Board Audit and Risk Committee quarterly. The ERMC consists of the Company’s Chief Risk Officer, Chairman & CEO, President, Chief Financial Officer, Treasurer, Chief Compliance Officer, Chief Technology Officer and Chief Credit Officer. In addition, the Company’s Chief Technology Officer attends Company Board of Directors meetings and provides an information technology ("IT") report at each meeting.

 

The Company’s cybersecurity risk mitigation program involves a combination of internal resources and the use of third parties. The Company’s internal IT team performs monthly vulnerability scanning and performs an annual risk assessment based on the National Institute of Standards and Technology Cybersecurity Framework. The results are reported to the ITC. The Company’s IT and compliance staff also review potential cybersecurity threats associated with the Company’s third-party vendors, including performing a review of and obtaining a System of Organization Controls report from all vendors rated as “high risk” by the Company’s internal vendor management program. The Company also has an internal Incident Response Plan and Team, which is charged with overseeing the Company’s response to any cybersecurity incident. The team performs a table-top exercise at least annually to prepare to respond in the event of any actual cybersecurity incident.

 

In addition to these internal resources, the Company uses a third-party vendor to undertake annual penetration and vulnerability testing, with the results reported to the ITC. Finally, the Company’s cybersecurity compliance program is audited by the Bank’s outsourced internal auditor.

 

The Company also maintains insurance which may provide coverage for expenses and certain losses incurred in connection with a cybersecurity incident.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Cybersecurity risk is initially overseen at ConnectOne by the management IT Committee (the “ITC”). The members of this committee include, as co-chairs, the Chief Compliance Officer and the Chief Technology Officer.  Additional members are our Information Security Officer, Information Technology (“IT”) Manager, Chief Risk Officer, Chairman & Chief Executive Officer, Chief Digital Officer and Chief Brand and Innovation Officer.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] In order to ensure that cybersecurity risk management is integrated into the Company’s overall risk management plans, systems and processes, members of the ITC, along with other lines of business heads, report to the management Enterprise Risk Management Committee (the “ERMC”), which in turn reports to the Board Audit and Risk Committee quarterly. The ERMC consists of the Company’s Chief Risk Officer, Chairman & CEO, President, Chief Financial Officer, Treasurer, Chief Compliance Officer, Chief Technology Officer and Chief Credit Officer. In addition, the Company’s Chief Technology Officer attends Company Board of Directors meetings and provides an information technology ("IT") report at each meeting.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] In order to ensure that cybersecurity risk management is integrated into the Company’s overall risk management plans, systems and processes, members of the ITC, along with other lines of business heads, report to the management Enterprise Risk Management Committee (the “ERMC”), which in turn reports to the Board Audit and Risk Committee quarterly. The ERMC consists of the Company’s Chief Risk Officer, Chairman & CEO, President, Chief Financial Officer, Treasurer, Chief Compliance Officer, Chief Technology Officer and Chief Credit Officer. In addition, the Company’s Chief Technology Officer attends Company Board of Directors meetings and provides an information technology ("IT") report at each meeting.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Nature of Operations [Policy Text Block]

Nature of Operations

 

ConnectOne Bancorp, Inc. (the “Parent Corporation”) is incorporated under the laws of the State of New Jersey and is a registered bank holding company under the Bank Holding Company Act of 1956, as amended (the “BHCA”). The Parent Corporation’s business currently consists of the operation of its wholly-owned subsidiary, ConnectOne Bank (the “Bank” and, collectively with the Parent Corporation and the Parent Corporation’s subsidiaries, the “Company”) and making certain limited investments. The Bank’s direct and indirect subsidiaries include Union Investment Co. (a New Jersey investment company), Twin Bridge Investment Co. (a Delaware investment company), ConnectOne Preferred Funding Corp. (a New Jersey real estate investment trust), Center Financial Group, LLC (a New Jersey financial services company), Center Advertising, Inc. (a New Jersey advertising company), Morris Property Company, LLC, (a New Jersey limited liability company), Volosin Holdings, LLC, (a New Jersey limited liability company), NJCB Spec-1, LLC (a New Jersey limited liability company), Port Jervis Holdings, LLC (a New Jersey limited liability company), BONJ Special Properties, LLC (a New Jersey limited liability company) and BoeFly, Inc. (a New Jersey financial technology company).

 

The Bank is a community-based, full-service New Jersey-chartered commercial bank that was founded in 2005. The Bank operates from its headquarters located at 301 Sylvan Avenue in the Borough of Englewood Cliffs, Bergen County, New Jersey and through its 23 other banking offices. Substantially all loans are secured with various types of collateral, including business assets, consumer assets and commercial/residential real estate. Each borrower’s ability to repay its loans is dependent on the conversion of assets, cash flows generated from the borrowers’ business, real estate rental and consumer wages.
Consolidation, Policy [Policy Text Block]

Basis of Presentation and Principals of Consolidation

 

The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles. The consolidated financial statements of the Parent Corporation are prepared on an accrual basis and include the accounts of the Parent Corporation and the Company. All significant intercompany accounts and transactions have been eliminated from the accompanying consolidated financial statements.
Segment Reporting, Policy [Policy Text Block]

Segments

 

FASB ASC 28, “Segment Reporting,” requires companies to report certain information about operating segments. The Company is managed as one segment: a community bank. All decisions including but not limited to loan growth, deposit funding, interest rate risk, credit risk and pricing are determined after assessing the effect on the totality of the organization. For example, loan growth is dependent on the ability of the organization to fund this growth through deposits or other borrowings. As a result, the Company is managed as one operating segment.
Use of Estimates, Policy [Policy Text Block]

Use of Estimates

 

In preparing the consolidated financial statements, management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the consolidated statements of condition and that affect the results of operations for the periods presented. Actual results could differ significantly from those estimates.
Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

 

Cash and cash equivalents include cash, deposits with other financial institutions with maturities of less than 90 days, and federal funds sold. Net cash flows are reported for client loan and deposit transactions, interest-bearing deposits in other financial institutions, and federal funds purchased and repurchase agreements.
Investment, Policy [Policy Text Block]

Investment Securities

 

The Company accounts for its investment securities in accordance with FASB ASC 320, “Investments-Debt and Equity Securities”. Investments are classified into the following categories: (1) held-to-maturity securities, for which the Company has both the positive intent and ability to hold until maturity, which are reported at amortized cost; (2) trading securities, which are purchased and held principally for the purpose of selling in the near term and are reported at fair value with unrealized gains and losses included in earnings; and (3) available-for-sale securities, which do not meet the criteria of the other two categories and which management believes may be sold prior to maturity due to changes in interest rates, prepayment risk, liquidity or other factors, and are reported at fair value, with unrealized gains and losses, net of applicable income taxes, reported as a component of accumulated other comprehensive income, which is included in stockholders’ equity and excluded from earnings.

 

Investment securities are adjusted for amortization of premiums and accretion of discounts as adjustments to interest income, which are recognized on a level yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Investment securities gains or losses are determined using the specific identification method.

 

Investment securities available-for-sale are carried at fair value, with unrealized holding gains and losses reported in comprehensive income, net of tax. Interest income includes amortization of purchase premiums or discounts. Premiums and discounts on securities are generally amortized using the level-yield method without estimating prepayments, except for mortgage-backed securities, where prepayment rates are estimated. Premiums on callable investment securities are amortized to their earliest call date. Gains and losses on sales of securities are recorded on the trade date and determined using the specific identification method.

 

 

 

For available-for-sale investment securities which are in an unrealized loss position, the Company will first assess whether we intend to sell, or it is more likely than not, that we will be required to sell the security before recovery of the amortized cost basis. If either of the criteria is met, the amortized cost basis of the security is written down to fair value through income. For available-for-sale investment securities that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from an actual or estimated credit loss event or other factors. In making this assessment, we consider the extent to which fair value is less than amortized cost, changes to the rating of the security, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss is likely, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, an allowance for credit losses is recorded for the estimated credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit loss is recognized in other comprehensive income, net of tax. The Company elected the practical expedient of zero loss estimates for securities issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major agencies and have a long history of no credit losses.
Stockholders' Equity, Policy [Policy Text Block]

Equity Securities

 

The Company’s investments in equity securities are recorded at fair value, with unrealized gains and losses included in earnings.
Financing Receivable, Held-for-Sale [Policy Text Block]

Loans Held-for-Sale

 

Residential mortgage loans, originated and intended for sale in the secondary market, are carried at the lower of aggregate cost or estimated fair value as determined by outstanding commitments from investors. For these loans originated and intended for sale, gains and losses on loan sales (sale proceeds minus carrying value) are recorded in other income and direct loan origination costs and fees are deferred at origination of the loan and are recognized in other income upon sale of the loan.

 

Other loans held-for-sale are carried at the lower of aggregate cost or estimated fair value. Fair value on these loans is determined based on the terms of the loan, such as interest rate, maturity date, and reset term, as well as sales of similar assets.
Policy Loans Receivable, Policy [Policy Text Block]

Loans

 

Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs, purchase premium and discounts and an allowance for credit losses. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments.

 

Loan segments are defined as a group of loans, which share similar initial measurement attributes, risk characteristics, and methods for monitoring and assessing credit risk. Management has determined that the Company has five segments of loans: commercial, commercial real estate, commercial construction, residential real estate (including home equity) and consumer.

 

 

Loans that are 90 days past due are placed on nonaccrual and previously accrued interest is reversed and charged against interest income unless the loans are both well-secured and in the process of collection. Past due status is based on the contractual terms of the loan. In certain cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Nonaccrual loans include both smaller balance homogeneous loans that are collectively evaluated for credit losses and loans individually analyzed for credit losses.

 

All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.

 

The policy of the Company is to grant commercial, residential and consumer loans to residents and businesses within the market-areas served by its offices in New Jersey, New York and Florida. The borrowers’ abilities to repay their obligations are dependent upon various factors including the borrowers’ income and net worth, cash flows generated by the borrowers’ underlying collateral, value of the underlying collateral, and priority of the lender’s lien on the property. Such factors are dependent upon various economic conditions and individual circumstances beyond the control of the Company. The Company is therefore subject to risk of loss. The Company believes its lending policies and procedures adequately minimize the potential exposure to such risks and that adequate provisions for credit losses are provided for all known and inherent risks. Collateral and/or personal guarantees are required for a large majority of the Company’s loans.
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block]

Allowance for Credit Losses

 

The allowance for credit losses is an estimate of current expected credit losses considering available information relevant to assessing the collectability of cash flows over the contractual term of the financial assets necessary to cover lifetime expected credit losses inherent in financial assets at the balance sheet date. The measurement of expected credit losses is applicable to loans receivable and investment securities measured at amortized cost. It also applies to off-balance-sheet credit exposures such as loan commitments and unused lines of credit. Loan losses are charged against the allowance for credit losses when the Company believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance for credit losses. The allowance is established through a provision for credit losses that is charged against income. The methodology for determining the allowance for credit losses is considered a critical accounting policy by management because of the high degree of judgment involved, the subjectivity of the assumptions used, and the potential for changes in the forecasted economic environment that could result in changes to the amount of the recorded allowance for credit losses. The expected credit loss for unfunded loan commitments is reported on the consolidated statement of financial condition in other liabilities.

 

For financial assets, the allowance for credit losses is a valuation account that is deducted from, or added to, the amortized cost basis of the financial assets to present the net amount expected to be collected on the financial assets. The Company's methodology to estimate the allowance for credit losses has two components: (i) a collective reserve component for estimated lifetime expected credit losses for pools of loans that share common risk characteristics and (ii) an individual reserve component for loans that do not share common risk characteristics. The Company maintains an allowance for unfunded credit commitments mainly consisting of undisbursed non-cancellable lines of credit, new loan commitments and commercial letters of credit.

 

Information relevant to establishing an estimate of current expected credit losses includes historical credit loss experience on financial assets with similar risk characteristics, current conditions, and reasonable and supportable forecasts that affect the collectability of the remaining cash flows over the contractual term of the financial assets. The Company reports in net income (as a credit loss expense) the amount necessary to adjust the allowance for credit losses and liabilities for credit losses on off-balance-sheet credit exposures for the current estimate of expected credit losses.

 

 

Expected credit losses of financial assets are measured on a collective (pool) basis when similar risk characteristic(s) exist. If the Company determines that a financial asset does not share risk characteristics with other financial assets, the Company will evaluate the financial asset for expected credit losses on an individual basis. Financial assets are assessed once, either through collective assessments or individual assessments. Standard expected losses are evaluated on a collective, or pool, basis when financial assets share similar risk characteristics. For pooled loan segments, utilizing a quantitative analysis, the Company calculates estimated credit losses using a probability of default and loss given default methodology, the results of which are applied to the aggregated discounted cash flow of each individual loan within the segment. In the absence of relevant and reliable internal data, probability of default and loss given default rates are determined using peer data. The point in time probability of default and loss given default are then conditioned by macroeconomic scenarios to incorporate reasonable and supportable forecasts that affect the collectability of the reported amount. Financial assets may be segmented based on one characteristic, or a combination of characteristics. Examples of risk characteristics relevant to the Company’s evaluation include, but were not limited to: (1) Internal or external credit scores or credit ratings, (2) Risk ratings or classifications, (3) Financial asset type, (4) Collateral type, (5) Size, (6) Effective interest rate, (7) Term, (8) Geographical location, (9) Industry of the borrower and (10) Vintage.

 

The Company’s quantitative analysis also considers relevant available information from internal and external sources related to past events and current conditions, as well as the incorporation of reasonable and supportable forecasts. The Company evaluates a variety of factors including third party economic forecasts, industry trends and other available published economic information in arriving at its forecasts. After the reasonable and supportable forecast period, the Company reverts, on a straight-line basis, to average historical losses. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate.

 

Included in the allowance for credit losses are qualitative reserves to cover losses that are expected but, in the Company’s assessment, may not be adequately represented in the quantitative analysis or the forecasts described above. Each qualitative loss factor, for each loan segment within the portfolio, incorporates consideration for a minimum to maximum range for loss factors derived from either the Company’s historical loss experience, or peer group historical charge-off experience. These qualitative factor adjustments may increase or decrease the Company’s estimate of expected credit losses and are applied to each loan segment.

 

The Bank evaluates individual instruments for expected credit losses when those instruments do not share similar risk characteristics with instruments evaluated using a collective (pooled) basis. The Company evaluates the pooling methodology at least annually. Loans transition from defined segments to individual analysis when credit characteristics, or risk traits, change in a material manner. A loan is considered for individual analysis when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by the Company in determining individual analysis include payment status and the probability of collecting scheduled principal and interest payments, when due.

 

Nonaccrual loans that are $250,000 or higher and all purchased credit-deteriorated ("PCD") loans are individually analyzed. Loans that are designated as nonaccrual with balances of less than $250,000 are collectively evaluated, and, accordingly, are not separately identified for analysis or disclosures. Individual analysis will establish an individually evaluated allowance for instruments in scope.

 

 For collateral dependent loans, when it is determined that a foreclosure is probable, the allowance for credit losses is determined on a loan level basis using the fair value of the collateral as of the reporting date, less estimated disposition costs (“net fair value”), which will ensure that the credit loss is not delayed until the time at which the actual foreclosure takes place. In the event that this fair value is less than then amortized cost basis of these specific loans, the Company will recognize the difference between the net fair value at the reporting date and the amortized cost basis in the allowance for credit losses. If the fair value of the collateral has increased as of the evaluation date, the increase in the fair value of the collateral is reflected through a reduction in the allowance for credit losses. Adjustments for estimated disposition costs are not appropriate when the repayment of a collateral-dependent loan is expected from the operation of the collateral. If repayment is based upon future expected cash flows, the present value of the expected future cash flows discounted at the loan’s original effective interest rate is compared to the carrying value of the loan, and any shortfall is recorded as the allowance for credit losses. The effective interest rate used to discount expected cash flows is adjusted to incorporate expected prepayments, if applicable.
Impaired Financing Receivable [Policy Text Block]

Purchased Credit-Deteriorated Loans

 

Loans acquired in a business combination that have experienced a more-than-significant deterioration in credit quality since origination are considered PCD loans. The Company evaluates acquired loans for deterioration in credit quality based on any of, but not limited to, the following: (1) non-accrual status; ; (2) risk ratings of special mention, substandard or doubtful; (3) watchlist credits; and (4) delinquency status, including loans that were current on acquisition date, but had been previously delinquent. At the acquisition date, an estimate of expected credit losses is made for groups of PCD loans with similar risk characteristics and individual PCD loans without similar risk characteristics. This initial allowance for credit losses is allocated to individual PCD loans and added to the purchase price or acquisition date fair values to establish the initial amortized cost basis of the PCD loans. As the initial allowance for credit losses is added to the purchase price, there is no credit loss expense recognized upon acquisition of a PCD loan. Any difference between the unpaid principal balance of PCD loans and the amortized cost basis is considered to relate to noncredit factors and results in a discount or premium, which is recognized through interest income on a level-yield basis over the lives of the related loans.

 

PCD loans that met the criteria for nonaccrual may be considered performing, regardless of whether the client is contractually delinquent, if management can reasonably estimate the timing and amount of the expected cash flows on such loans and if management expects to fully collect the new carrying value of the loans. As such, management may no longer consider the loans to be nonaccrual or nonperforming and may accrue interest on these loans, including the impact of any accretable discount.
Derivatives, Policy [Policy Text Block]

Derivatives

 

Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in noninterest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged.

 

The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended.

 

When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as noninterest income. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transactions will affect earnings.
Restricted Stock [Policy Text Block]

Restricted Stock

 

The Bank is a member of the Federal Home Loan Bank (“FHLB”) of New York. Members are required to own a certain amount of stock based on the level of borrowings and other factors and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Cash dividends on the stock are reported as income.
Transfers and Servicing of Financial Assets, Transfers of Financial Assets, Policy [Policy Text Block]

Transfers of Financial Assets

 

Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.
Property, Plant and Equipment, Policy [Policy Text Block]

Premises and Equipment

 

Land is carried at cost and premises and equipment are stated at cost less accumulated depreciation. Buildings and related components are depreciated using the straight-line method with useful lives ranging from 4 to 30 years. Leasehold improvements are depreciated using the straight-line method over the terms of the respective leases, or the estimated useful lives of the improvements, whichever is shorter. Furniture, fixtures and equipment are depreciated using the straight-line method with useful lives ranging from 3 to 10 years.
Lessee, Leases [Policy Text Block]

Leases

 

Leases are classified as operating or finance leases at the lease commencement date. Lease expense for operating leases and short-term leases is recognized on a straight-line basis over the lease team. The Company includes lease extension and termination options in the lease term if, after considering relevant economic factors, it is reasonably certain the Company will exercise the option.

 

Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of the lease payments over the lease term. The Company uses its incremental borrowing rate at lease commencement to calculate the present value of lease payments when the rate implicit in a lease is not known. The Company has elected not to recognize leases with original terms of 12 months or less on the consolidated balance sheet.
Financing Receivable, Held-for-Investment, Foreclosed Asset [Policy Text Block]

Other Real Estate Owned

 

Other real estate owned (“OREO”), representing property acquired through foreclosure or deed in lieu and held-for-sale, is initially recorded at fair value less cost to sell at the date of acquisition, establishing a new cost basis. Subsequently, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Costs relating to holding the assets are charged to expenses.
Postemployment Benefit Plans, Policy [Policy Text Block]

Employee Benefit Plans

 

The Company has a noncontributory pension plan that covered all eligible employees up until September 30, 2007, at which time the Company froze its defined benefit pension plan. As such, all future benefit accruals in this pension plan were discontinued and all retirement benefits that employees would have earned as of September 30, 2007 were preserved. The Company’s policy is to fund at least the minimum contribution required by the Employee Retirement Income Security Act of 1974. The costs associated with the plan are accrued based on actuarial assumptions and included in salaries and employee benefits expense.

 

 

The Company accounts for its defined benefit pension plan in accordance with FASB ASC 715-30. This standard requires that the funded status of defined benefit postretirement plans be recognized on the Company’s statement of financial condition and changes in the funded status be reflected in other comprehensive income. This standard also requires companies to measure the funded status of the plan as of the date of its fiscal year-end.

 

The Company maintains a 401(k)-employee savings plan to provide for defined contributions which covers substantially all employees of the Company. Employee 401(k) and profit-sharing plan expense is the amount of matching contributions.
Share-Based Payment Arrangement [Policy Text Block]

Stock-Based Compensation

 

FASB ASC 718 “Compensation-Stock Compensation”, requires that the compensation cost related to share-based payment transactions be recognized in financial statements. That cost will be measured based on the grant date fair value of the equity or liability instruments issued. The stock compensation accounting guidance covers a wide range of share-based compensation arrangements including stock options, restricted share plans, performance-based awards, share appreciation rights and employee share purchase plans.

 

Stock compensation accounting guidance requires that compensation cost for all stock awards be calculated and recognized over the employees’ service period, generally defined as the vesting period. For awards with graded-vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. See Note 18 of the Notes to Consolidated Financial Statements for further discussion.
Treasury Stock [Policy Text Block]

Treasury Stock

 

Subject to certain regulatory limitations applicable to the Parent Corporation, treasury stock purchases may be made from time to time as, in the opinion of management, market conditions warrant, in the open market or in privately negotiated transactions. Shares repurchased are added to the corporate treasury and will be used for future stock dividends and other issuances. The repurchased shares are recorded as treasury stock, which results in a decrease in stockholders’ equity. Treasury stock is recorded using the cost method and accordingly is presented as a reduction of stockholders’ equity. During the years ended December 31, 2024 and December 31, 2023, the Parent Corporation repurchased 283,270 and 904,152 shares, respectively, under board-approved share repurchase programs.

 

On August 16, 2022, The Inflation Reduction Act, P.L. 117-169, was signed into law. The act included a new Sec. 4501 that imposes an excise tax on certain repurchases of stock by publicly traded corporations.

 

In general, and before considering exceptions, the amount of the excise tax is equal to 1% of (1) the aggregate fair market value (FMV) of stock repurchased by a corporation, over (2) the aggregate FMV of stock issued by the corporation, in each case, during the tax year. The excise tax applies to repurchases of stock by corporations beginning after December 31, 2022. The excise tax is not deductible for purposes of computing U.S. federal income tax (Sec. 275(a)(6)).

 

On December 27, 2022, Treasury and the IRS released Notice 2023-2, which announced that they intend to issue proposed regulations with respect to the excise tax. The notice provides interim guidance that Treasury and the Service generally intend to include in the proposed regulations, including several examples that illustrate the application of the rules set forth in the notice. Treasury and the IRS anticipate that the proposed regulations will be consistent with the guidance provided in the notice. In addition, until the issuance of the proposed regulations, taxpayers are permitted to rely on the operating rules set forth in Section 3 of the notice. The proposed regulations are anticipated to apply to repurchases of stock made after December 31, 2022, and to issuances of stock made during a tax year ending after December 31, 2022. As of December 31, 2024, the Company accrued $0.1 million related to the excise tax through equity.
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]

Goodwill

 

Goodwill arises from business combinations and is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized but tested for impairment annually or more frequently if events and circumstances exist that indicate that a goodwill impairment test should be performed. The Company has selected December 31 as the date to perform the annual impairment test. No impairment charge was deemed necessary as of the years ended December 31, 2024, 2023 and 2022.
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block]

Other Intangible Assets

 

Other intangible assets consist of core deposit intangibles arising from business combinations that are amortized over their estimated useful lives to their estimated residual value.
Comprehensive Income, Policy [Policy Text Block]

Comprehensive Income (Loss)

 

Total comprehensive income includes all changes in equity during a period from transactions and other events and circumstances from nonowner sources. The Company’s other comprehensive income (loss) is comprised of unrealized holding gains and losses on securities available-for-sale, unrecognized actuarial gains and losses of the Company’s defined benefit pension plan and unrealized gains and losses on cash flow hedges, net of taxes.
Restrictions on Cash [Policy Text Block]

Restrictions on Cash

 

Cash on hand or on deposit with the Federal Reserve Bank is required to meet regulatory reserve and clearing requirements.
Policyholders' Dividend [Policy Text Block]

Dividend Restriction

 

Banking regulations require maintaining certain capital levels and may limit the dividends paid by the Bank to the Parent Corporation or by the Parent Corporation to the stockholders.
Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Value of Financial Instruments

 

The fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates.
Life Settlement Contracts, Policy [Policy Text Block]

Bank Owned Life Insurance

 

The Company invests in Bank Owned Life Insurance (“BOLI”) to help offset the cost of employee benefits. The change in the cash surrender value of the BOLI is recorded as a component of noninterest income.
Income Tax, Policy [Policy Text Block]

Income Taxes

 

The Company accounts for income taxes in accordance with FASB ASC 740, “Income Taxes”, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Deferred tax assets and liabilities are determined based on the temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities using enacted tax rates expected to be in effect when the taxes are actually paid or recovered.

 

Deferred tax assets are recognized to the extent it is more likely than not that they will be realized. A valuation allowance is recorded to reduce deferred tax assets if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

 

The Company evaluates tax positions taken or expected to be taken in a tax return and recognizes a tax benefit if it is more likely than not that the position will be sustained upon examination by the relevant taxing authorities. Unrecognized tax benefits, including interest and penalties, are recorded as a component of income tax expense in the Consolidated Statements of Income. 

 

In accordance with ASC 740-10-25, the Company classifies interest and penalties related to unrecognized tax benefits as a component of income tax expense in the Consolidated Statements of Operations. Accrued interest and penalties are included in other long-term liabilities on the Consolidated Balance Sheets. The Company recognizes interest and penalties beginning in the period in which the uncertain tax position is taken, and they continue to accrue until the matter is resolved or until it is determined that payment is not required.

 

 

 

The Company regularly monitors developments in tax laws and regulations that may impact its tax positions and financial reporting. Any changes in classification, measurement, or recognition of tax-related interest and penalties will be disclosed in accordance with GAAP and relevant SEC reporting requirements. See Note 11 for more discussion on income taxes.
Advertising Cost [Policy Text Block]

Advertising Costs

 

The Company recognizes its marketing and advertising costs as incurred.
Reclassification, Comparability Adjustment [Policy Text Block]

Reclassifications

 

Certain reclassifications have been made in the consolidated financial statements and footnotes for 2023 and 2022 to conform to the classifications presented in 2024. Such reclassifications had no impact on net income or stockholders’ equity.
New Accounting Pronouncements, Policy [Policy Text Block]

Note 1b – Authoritative Accounting Guidance

 

Adoption of New Accounting Standards

 

In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments apply to all public entities that are required to report segment information in accordance with Topic 280, Segment Reporting. The amendments in this ASU are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for the Company beginning January 1, 2024. See Note 24.

 

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. These amendments require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate). The amendments require that all entities disclose on an annual basis the following information about income taxes paid: 1) The amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes. 2) The amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5% of total income taxes paid (net of refunds received). The amendments also require that all entities disclose the following information: 1) Income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and 2) Income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. ASU 2023-09 is effective for the Company beginning January 1, 2025. The Company adopted ASU 2023-09 on January 1, 2025 and is currently not expected to have a material effect on the consolidated financial statements in 2025.

 
v3.25.0.1
Note 3 - Earnings Per Common Share (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
  

Years Ended December 31,

 
  

2024

  

2023

  

2022

 
  

(in thousands, except per share amounts)

 

Net income available to common stockholders

 $67,757  $80,967  $119,174 

Earnings allocated to participating securities

  (187)  (216)  (287)

Income attributable to common stock

 $67,570  $80,751  $118,887 

Weighted average common shares outstanding, including participating securities

  38,376   38,913   39,355 

Weighted average participating securities

  (106)  (104)  (95)

Weighted average common shares outstanding

  38,270   38,809   39,260 

Incremental shares from assumed conversions of options, deferred stock units, performance units and restricted stock

  211   153   216 

Weighted average common and equivalent shares outstanding

  38,481   38,962   39,476 

Earnings per common share:

            

Basic

 $1.77  $2.08  $3.03 

Diluted

  1.76   2.07   3.01 
v3.25.0.1
Note 4 - Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Debt Securities, Available-for-Sale [Table Text Block]
      

Gross

  

Gross

     
  

Amortized

  

Unrealized

  

Unrealized

  

Fair

 
  

Cost

  

Gains

  

Losses

  

Value

 
  

(dollars in thousands)

 

December 31, 2024

                

Investment securities available-for-sale

                

Federal agency obligations

 $96,165  $179  $(11,674) $84,670 

Residential mortgage pass-through securities

  439,445   211   (60,818)  378,838 

Commercial mortgage pass-through securities

  24,989   -   (4,097)  20,892 

Obligations of U.S. states and political subdivisions​​

  141,775   89   (19,460)  122,404 

Corporate bonds and notes

  5,000   5   (18)  4,987 

Asset-backed securities

  892   -   (7)  885 

Other securities

  171   -   -   171 

Total investment securities available-for-sale

 $708,437  $484  $(96,074) $612,847 
      

Gross

  

Gross

     
  

Amortized

  

Unrealized

  

Unrealized

  

Fair

 
  

Cost

  

Gains

  

Losses

  

Value

 
  

(dollars in thousands)

 

December 31, 2023

                

Investment securities available-for-sale

                

Federal agency obligations

 $55,898  $189  $(10,761) $45,326 

Residential mortgage pass-through securities

  462,004   620   (51,433)  411,191 

Commercial mortgage pass-through securities

  25,240   -   (3,676)  21,564 

Obligations of U.S. states and political subdivisions​​

  148,795   415   (16,505)  132,705 

Corporate bonds and notes

  5,000   -   (27)  4,973 

Asset-backed securities

  1,260   -   (22)  1,238 

Other securities

  165   -   -   165 

Total investment securities available-for-sale

 $698,362  $1,224  $(82,424) $617,162 
Investments Classified by Contractual Maturity Date [Table Text Block]
  

December 31, 2024

 
  

Amortized

  

Fair

 
  

Cost

  

Value

 
  

(dollars in thousands)

 

Investment securities available-for-sale:

        

Due in one year or less

 $4,034  $4,040 

Due after one year through five years

  5,304   5,282 

Due after five years through ten years

  10,400   9,132 

Due after ten years

  224,094   194,492 

Residential mortgage pass-through securities

  439,445   378,838 

Commercial mortgage pass-through securities

  24,989   20,892 

Other securities

  171   171 

Total investment securities available-for-sale

 $708,437  $612,847 
Unrealized Gain (Loss) on Investments [Table Text Block]
  

December 31, 2024

 
  

Total

  

Less than 12 Months

  

12 Months or Longer

 
  Fair  Unrealized  Fair  Unrealized  Fair  Unrealized 
  

Value

  

Losses

  

Value

  

Losses

  

Value

  

Losses

 
  

(dollars in thousands)

 

Investment securities available-for-sale:

                        

Federal agency obligation

 $53,467  $(11,674) $18,471  $(60) $34,996  $(11,614)

Residential mortgage pass-through securities

  364,971   (60,818)  26,809   (604)  338,162   (60,214)

Commercial mortgage pass-through securities

  20,892   (4,097)  -   -   20,892   (4,097)

Obligations of U.S. states and political subdivisions

  112,523   (19,460)  13,281   (322)  99,242   (19,138)

Corporate bonds and notes

  1,982   (18)  1,982   (18)  -   - 

Asset-backed securities

  885   (7)  -   -   885   (7)

Total temporarily impaired securities

 $554,720  $(96,074) $60,543  $(1,004) $494,177  $(95,070)
  

December 31, 2023

 
  

Total

  

Less than 12 Months

  

12 Months or Longer

 
  

Fair

  

Unrealized

  

Fair

  

Unrealized

  

Fair

  

Unrealized

 
  

Value

  

Losses

  

Value

  

Losses

  

Value

  

Losses

 
  

(dollars in thousands)

 

Investment securities available-for-sale:

                        

Federal agency obligation

 $40,779  $(10,761) $1,689  $(65) $39,090  $(10,696)

Residential mortgage pass-through securities

  382,042   (51,433)  4,138   (51)  377,904   (51,382)

Commercial mortgage pass-through securities

  21,565   (3,676)  -   -   21,565   (3,676)

Obligations of U.S. states and political subdivisions

  101,189   (16,505)  1,340   (7)  99,849   (16,498)

Corporate bonds and notes

  4,973   (27)  2,993   (7)  1,980   (20)

Asset-backed securities

  1,238   (22)  -   -   1,238   (22)

Total temporarily impaired securities

 $551,786  $(82,424) $10,160  $(130) $541,626  $(82,294)
v3.25.0.1
Note 5 - Loans and the Allowance for Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]
  

2024

  

2023

 
  

(dollars in thousands)

 

Commercial

 $1,532,730  $1,578,730 

Commercial real estate

  5,880,679   5,895,545 

Commercial construction

  616,246   620,496 

Residential real estate

  249,691   256,041 

Consumer

  1,136   1,029 

Gross loans

  8,280,482   8,351,841 

Net deferred fees

  (5,672)  (6,696)

Loans receivable

 $8,274,810  $8,345,145 
Schedule of Loans Held-for-sale [Table Text Block]
  

2024

  

2023

 
  

(dollars in thousands)

 

Residential real estate

 $743  $- 
Financing Receivable, Nonaccrual [Table Text Block]
  

December 31, 2024

 
  

Nonaccrual loans with ACL

  

Nonaccrual loans without ACL

  

Total Nonaccrual loans

 
  

(dollars in thousands)

 

Commercial

 $1,744  $14,487  $16,231 

Commercial real estate

  3,822   32,664   36,486 

Commercial construction

  -   2,204   2,204 

Residential real estate

  333   2,056   2,389 

Total

 $5,899  $51,411  $57,310 
  

December 31, 2023

 
  

Nonaccrual loans with ACL

  

Nonaccrual loans without ACL

  

Total Nonaccrual loans

 
  

(dollars in thousands)

 

Commercial

 $1,763  $11,064  $12,827 

Commercial real estate

  8,013   28,179   36,192 

Residential real estate

  1,033   2,472   3,505 

Total

 $10,809  $41,715  $52,524 
Financing Receivable Origination And Risk Designation [Table Text Block]
  

Term loans amortized cost basis by origination year

         
                          

Revolving

  

Total

 
  

2024

  

2023

  

2022

  

2021

  

2020

  

Prior

  

Loans

  

Gross Loans

 

Commercial

                                

Pass

 $67,298  $157,067  $194,602  $237,065  $29,717  $111,841  $678,206  $1,475,796 

Special mention

  1,908   -   2,817   2,538   1,643   6,209   17,491   32,606 

Substandard

  -   3,019   3,705   217   -   15,844   1,543   24,328 

Doubtful

  -   -   -   -   -   -   -   - 

Total Commercial

 $69,206  $160,086  $201,124  $239,820  $31,360  $133,894  $697,240  $1,532,730 

YTD gross charge-offs

 $-  $-  $1,003  $49  $-  $316  $1,918  $3,286 
                                 

Commercial real estate

                                

Pass

 $408,314  $268,533  $1,424,209  $1,510,087  $339,553  $1,357,858  $415,286  $5,723,840 

Special mention

  -   -   53,642   -   -   59,719   -   113,361 

Substandard

  -   -   3,822   1,846   1,752   36,058   -   43,478 

Doubtful

  -   -   -   -   -   -   -   - 

Total Commercial real estate

 $408,314  $268,533  $1,481,673  $1,511,933  $341,305  $1,453,635  $415,286  $5,880,679 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $10,416  $-  $10,416 
                                 

Commercial construction

                                

Pass

 $15,390  $-  $2,137  $8,995  $6,518  $-  $581,002  $614,042 

Special mention

  -   -   -   -   -   -   -   - 

Substandard

  -   -   -   -   -   -   2,204   2,204 

Doubtful

  -   -   -   -   -   -   -   - 

Total Commercial construction

 $15,390  $-  $2,137  $8,995  $6,518  $-  $583,206  $616,246 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $-  $-  $- 
                                 

Residential real estate

                                

Pass

 $17,763  $14,542  $39,197  $21,925  $17,339  $96,657  $36,471  $243,894 

Special mention

  -   -   -   -   -   635   2,773   3,408 

Substandard

  -   -   633   -   1,157   364   235   2,389 

Doubtful

  -   -   -   -   -   -   -   - 

Total Residential real estate

 $17,763  $14,542  $39,830  $21,925  $18,496  $97,656  $39,479  $249,691 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $-  $-  $- 
                                 

Consumer

                                

Pass

 $1,015  $24  $1  $-  $-  $-  $96  $1,136 

Special mention

  -   -   -   -   -   -   -   - 

Substandard

  -   -   -   -   -   -   -   - 

Doubtful

  -   -   -   -   -   -   -   - 

Total Consumer

 $1,015  $24  $1  $-  $-  $-  $96  $1,136 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $-  $-  $- 
                                 

Total

                                

Pass

 $509,780  $440,166  $1,660,146  $1,778,072  $393,127  $1,566,356  $1,711,061  $8,058,708 

Special mention

  1,908   -   56,459   2,538   1,643   66,563   20,264   149,375 

Substandard

  -   3,019   8,160   2,063   2,909   52,266   3,982   72,399 

Doubtful

  -   -   -   -   -   -   -   - 

Grand Total

 $511,688  $443,185  $1,724,765  $1,782,673  $397,679  $1,685,185  $1,735,307  $8,280,482 

YTD gross charge-offs

 $-  $-  $1,003  $49  $-  $10,732  $1,918  $13,702 
  

Term loans amortized cost basis by origination year

  

Revolving

  

Total

 
  

2023

  

2022

  

2021

  

2020

  

2019

  

Prior

  

Loans

  

Gross Loans

 

Commercial

                                

Pass

 $178,582  $252,151  $265,705  $38,909  $13,726  $112,145  $684,779  $1,545,997 

Special mention

  -   10,620   -   -   562   3,417   3,199   17,798 

Substandard

  250   439   241   1   612   11,695   1,697   14,935 

Doubtful

  -   -   -   -   -   -   -   - 

Total Commercial

 $178,832  $263,210  $265,946  $38,910  $14,900  $127,257  $689,675  $1,578,730 

YTD gross charge-offs

 $54  $3,397  $-  $-  $280  $11,094  $63  $14,888 
                                 

Commercial real estate

                                

Pass

 $248,660  $1,561,841  $1,585,109  $352,445  $353,391  $1,232,240  $497,588  $5,831,274 

Special mention

  -   -   -   -   -   24,202   -   24,202 

Substandard

  -   -   1,888   -   1,255   20,141   16,785   40,069 

Doubtful

  -   -   -   -   -   -   -   - 

Total Commercial real estate

 $248,660  $1,561,841  $1,586,997  $352,445  $354,646  $1,276,583  $514,373  $5,895,545 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $2,142  $-  $2,142 
                                 

Commercial construction

                                

Pass

 $582  $5,463  $15,645  $6,236  $-  $-  $583,870  $611,796 

Special mention

  -   -   -   -   -   -   8,700   8,700 

Substandard

  -   -   -   -   -   -   -   - 

Doubtful

  -   -   -   -   -   -   -   - 

Total Commercial construction

 $582  $5,463  $15,645  $6,236  $-  $-  $592,570  $620,496 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $-  $-  $- 
                                 

Residential real estate

                                

Pass

 $15,455  $42,830  $21,987  $21,704  $19,896  $91,114  $36,082  $249,068 

Special mention

  -   -   -   -   -   651   2,817   3,468 

Substandard

  -   -   555   -   -   2,144   806   3,505 

Doubtful

  -   -   -   -   -   -   -   - 

Total Residential real estate

 $15,455  $42,830  $22,542  $21,704  $19,896  $93,909  $39,705  $256,041 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $-  $18  $18 
                                 

Consumer

                                

Pass

 $849  $83  $-  $5  $-  $-  $92  $1,029 

Special mention

  -   -   -   -   -   -   -   - 

Substandard

  -   -   -   -   -   -   -   - 

Doubtful

  -   -   -   -   -   -   -   - 

Total Consumer

 $849  $83  $-  $5  $-  $-  $92  $1,029 

YTD gross charge-offs

 $-  $-  $-  $-  $-  $-  $1  $1 
                                 

Total

                                

Pass

 $444,128  $1,862,368  $1,888,446  $419,299  $387,013  $1,435,499  $1,802,411  $8,239,164 

Special mention

  -   10,620   -   -   562   28,270   14,716   54,168 

Substandard

  250   439   2,684   1   1,867   33,980   19,288   58,509 

Doubtful

  -   -   -   -   -   -   -   - 

Grand Total

 $444,378  $1,873,427  $1,891,130  $419,300  $389,442  $1,497,749  $1,836,415  $8,351,841 

YTD gross charge-offs

 $54  $3,397  $-  $-  $280  $13,236  $82  $17,049 
Financing Receivable, Collateral Dependent [Table Text Block]
  

December 31, 2024

 
  

Real Estate

  

Other

  

Total

 
  

(dollars in thousands)

 

Commercial

 $2,308  $9,222  $11,530 

Commercial real estate

  36,486   -   36,486 

Commercial construction

  2,204   -   2,204 

Residential real estate

  2,056   -   2,056 

Total

 $43,054  $9,222  $52,276 
  

December 31, 2023

 
  

Real Estate

  

Other

  

Total

 
  

(dollars in thousands)

 

Commercial

 $4,949  $10,387  $15,336 

Commercial real estate

  39,986   -   39,986 

Commercial construction

  8,700   -   8,700 

Residential real estate

  5,941   -   5,941 

Total

 $59,576  $10,387  $69,963 
Financing Receivable, Past Due [Table Text Block]
  

December 31, 2024

 
  

30-59 Days Past Due

  

60-89 Days Past Due

  

90 Days or Greater Past Due and Still Accruing

  

Nonaccrual

  

Total Past Due and Nonaccrual

  

Current

  

Gross Loans

 

Commercial

 $1,340  $-  $-  $16,231  $17,571  $1,515,159  $1,532,730 

Commercial real estate

  -   -   -   36,486   36,486   5,844,193   5,880,679 

Commercial construction

  -   -   -   2,204   2,204   614,042   616,246 

Residential real estate

  1,991   -   -   2,389   4,380   245,311   249,691 

Consumer

  -   -   -   -   -   1,136   1,136 

Total

 $3,331  $-  $-  $57,310  $60,641  $8,219,841  $8,280,482 
  

December 31, 2023

 
  

30-59 Days Past Due

  

60-89 Days Past Due

  

90 Days or Greater Past Due and Still Accruing

  

Nonaccrual

  

Total Past Due and Nonaccrual

  

Current

  

Gross Loans

 

Commercial

 $555  $-  $-  $12,827  $13,382  $1,565,348  $1,578,730 

Commercial real estate

  527   -   -   36,192   36,719   5,858,826   5,895,545 

Commercial construction

  -   23,600   -   -   23,600   596,896   620,496 

Residential real estate

  275   226   -   3,505   4,006   252,035   256,041 

Consumer

  -   -   -   -   -   1,029   1,029 

Total

 $1,357  $23,826  $-  $52,524  $77,707  $8,274,134  $8,351,841 
Schedule of Evaluation of Impairment on Financing Receivables [Table Text Block]
  

December 31, 2024

 
  

Commercial

  

Commercial real estate

  

Commercial construction

  

Residential real estate

  

Consumer

  

Total

 
  

(dollars in thousands)

 

Allowance for credit losses - loans

                        

Individually analyzed

 $326  $909  $-  $-  $-  $1,235 

Collectively evaluated

  17,740   53,868   5,064   4,561   5   81,238 

Acquired with deteriorated credit quality

  212   -   -   -   -   212 

Total

 $18,278  $54,777  $5,064  $4,561  $5  $82,685 

Gross loans

                        

Individually analyzed

 $15,751  $36,486  $2,204  $2,056  $-  $56,497 

Collectively evaluated

  1,516,557   5,844,193   614,042   247,635   1,136   8,223,563 

Acquired with deteriorated credit quality

  422   -   -   -   -   422 

Total

 $1,532,730  $5,880,679  $616,246  $249,691  $1,136  $8,280,482 
  

December 31, 2023

 
  

Commercial

  

Commercial real estate

  

Commercial construction

  

Residential real estate

  

Consumer

  

Total

 
  

(dollars in thousands)

 

Allowance for credit losses - loans

                        

Individually analyzed

 $-  $941  $-  $-  $-  $941 

Collectively evaluated

  20,215   51,337   4,739   4,320   5   80,616 

Acquired with deteriorated credit quality

  417   -   -   -   -   417 

Total

 $20,632  $52,278  $4,739  $4,320  $5  $81,974 

Gross loans

                        

Individually analyzed

 $15,336  $39,986  $8,700  $5,941  $-  $69,963 

Collectively evaluated

  1,562,910   5,855,559   611,796   250,100   1,029   8,281,394 

Acquired with deteriorated credit quality

  484   -   -   -   -   484 

Total

 $1,578,730  $5,895,545  $620,496  $256,041  $1,029  $8,351,841 
Financing Receivable, Allowance for Credit Loss [Table Text Block]
  

Commercial

  

Commercial real estate

  

Commercial construction

  

Residential real estate

  

Consumer

  

Total

 
  

(dollars in thousands)

 

Balance as of January 1, 2024

 $20,632  $52,278  $4,739  $4,320  $5  $81,974 

Charge-offs

  (3,286)  (10,416)  -   -   -   (13,702)

Recoveries

  392   31   -   6   -   429 

Provision for credit losses

  540   12,884   325   235   -   13,984 

Balance as of December 31, 2024

 $18,278  $54,777  $5,064  $4,561  $5  $82,685 
  

Commercial

  

Commercial real estate

  

Commercial construction

  

Residential real estate

  

Consumer

  

Total

 
  

(dollars in thousands)

 

Balance as of January 1, 2023

 $28,903  $53,742  $3,718  $4,143  $7  $90,513 

Charge-offs

  (14,888)  (2,142)  -   (18)  (1)  (17,049)

Recoveries

  10   -   -   68   8   86 

Provision for (reversal) of credit losses

  6,607   678   1,021   127   (9)  8,424 

Balance as of December 31, 2023

 $20,632  $52,278  $4,739  $4,320  $5  $81,974 
  

Commercial

  

Commercial real estate

  

Commercial construction

  

Residential real estate

  

Consumer

  

Total

 
  

(dollars in thousands)

 

Balance as of January 1, 2022

 $25,969  $45,589  $3,580  $3,628  $7  $78,773 

Charge-offs

  (2,612)  (2,819)  -   (9)  (3)  (5,443)

Recoveries

  54   -   -   63   -   117 

Provision for credit losses

  5,492   10,972   138   461   3   17,066 

Balance as of December 31, 2022

 $28,903  $53,742  $3,718  $4,143  $7  $90,513 
Financing Receivable, Modified [Table Text Block]
  

Amortized Cost Basis at Time of Modification

         
  

Term Extension

  

Payment Deferral

  

Interest Rate Reduction

  

Payment Reduction

  

Total

  

Gross Loans at December 31, 2024

  

Modification % (Modified Loans/Gross Loans)

 

December 31, 2024

                            

(dollars in thousands)

                            

Commercial

 $17,641  $126  $-  $333  $18,100  $1,532,730   1.18%

Commercial real estate

  -   -   63,804   -   63,804   5,880,679   1.08 

Residential real estate

  1,413   -   -   -   1,413   249,691   0.57 

Total

 $19,054  $126  $63,804  $333  $83,317  $7,663,100   1.09%
  

Weighted Average Term Extension (Months)

  

Weighted Average Payment Deferral (Months)

  

Weighted Average Interest Rate Reduction

  

Weighted Average Payment Reduction

 

December 31, 2024

                

(dollars in thousands)

                

Commercial

  6   3   -% $6 

Commercial real estate

  -   -   0.8   - 

Residential real estate

  136   -   -   - 

Total

  142   3   0.8% $6 
  

Amortized Cost Basis at Time of Modification

         
  

Term Extension

  

Payment Deferral

  

Interest Rate Reduction

  

Payment Reduction

  

Total

  

Gross Loans at December 31, 2023

  

Modification % (Modified Loans/Gross Loans)

 

December 31, 2023

                            

(dollars in thousands)

                            

Commercial

 $34  $10,283  $-  $-  $10,317  $1,578,730   0.65%

Commercial real estate

  209   -   7,272   -   7,481   5,895,545   0.13 

Total

 $243  $10,283  $7,272  $-  $17,798  $7,474,275   0.24%
  

Weighted Average Term Extension (Months)

  

Weighted Average Payment Deferral (Months)

  

Weighted Average Interest Rate Reduction

  

Weighted Average Payment Reduction

 

December 31, 2023

                

(dollars in thousands)

                

Commercial

  36   6   -% $- 

Commercial real estate

  180   -   1.9   - 

Total

  216   6   1.9% $- 
Financing Receivable, Modified, Past Due [Table Text Block]
  

Current

  

30-89 Days Past Due

  

90 Days or Greater Past Due

 

December 31, 2024

            

(dollars in thousands)

            

Commercial

 $18,100  $-  $- 

Commercial real estate

  63,804   -   - 

Residential real estate

  1,413   -   - 

Total

 $83,317  $-  $- 
  

Current

  

30-89 Days Past Due

  

90 Days or Greater Past Due

 

December 31, 2023

            

(dollars in thousands)

            

Commercial

 $10,317  $-  $- 

Commercial real estate

  7,481   -   - 

Total

 $17,798  $-  $- 
Schedule of Allowance for Credit Losses on Unfunded Commitments [Table Text Block]
  

2024

  

2023

 

Balance at beginning of period

 $2,811  $3,035 

Reversal of credit losses - unfunded commitments

  (184)  (224)

Balance at end of period

 $2,627  $2,811 
Schedule of Provision for (Reversal of) Credit Losses [Table Text Block]
         
  

2024

  

2023

 

Provision for credit losses – loans

 $13,984  $8,424 

Reversal of credit losses - unfunded commitments

  (184)  (224)

Provision for credit losses – total

 $13,800  $8,200 
v3.25.0.1
Note 6 - Premises and Equipment (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Property, Plant and Equipment [Table Text Block]
  

Estimated

         
  

Useful Life

         
  

(Years)

  

2024

  

2023

 
  

(dollars in thousands)

 

Land

  -  $5,253  $6,732 

Buildings

  10-25   11,043   11,043 

Furniture, fixtures and equipment

  3-7   30,746   28,548 

Leasehold improvements

  10-20   28,325   27,633 

Subtotal

      75,367   73,956 

Less: accumulated depreciation, amortization and fair value adjustments

      46,920   43,177 

Total premises and equipment, net

     $28,447  $30,779 
Schedule of Capital Lease In Premises and Equipment [Table Text Block]
  

2024

  

2023

 
  

(dollars in thousands)

 

Finance lease

 $3,423  $3,423 

Less: accumulated amortization

  2,738   2,567 
  $685  $856 
Finance Lease, Liability, to be Paid, Maturity [Table Text Block]

2025

 $353 

2026

  353 

2027

  353 

2028

  322 

Thereafter

  - 

Total minimum lease payments

  1,381 
     

Less amount representing interest

  147 

Present value of net minimum lease payments

 $1,234 
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]
  

December 31,

 
  

2024

 
  

(dollars in thousands)

 

Lease payments due:

    

Less than 1 year

 $3,576 

1 year through less than 2 years

  3,507 

2 years through less than 3 years

  2,863 

3 years through less than 4 years

  2,384 

4 years through 5 years

  1,141 

After 5 years

  4,380 

Total undiscounted cash flows

  17,851 

Impact of discounting

  (2,353)

Total lease liability

 $15,498 
v3.25.0.1
Note 7 - Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Goodwill [Table Text Block]
  

2024

  

2023

 
  

(dollars in thousands)

 

Balance, January 1

 $208,372  $208,372 

Acquired goodwill

  -   - 

Impairment

  -   - 

Balance, December 31

 $208,372  $208,372 
Schedule of Finite-Lived Intangible Assets [Table Text Block]
  

Gross

      

Net

 
  

Carrying

  

Accumulated

  

Carrying

 
  

Amount

  

Amortization

  

Amount

 
  

(dollars in thousands)

 

Core deposit intangibles

            

December 31, 2024

 $13,207  $(8,568) $4,639 

Core deposit intangibles

            

December 31, 2023

 $18,515  $(12,641) $5,874 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

2025

 $1,116 

2026

  1,050 

2027

  989 

2028

  930 

2029

  552 
v3.25.0.1
Note 8 - Deposits (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule Of Time Deposits [Table Text Block]

2025

 $2,203,095 

2026

  297,852 

2027

  47,760 

2028

  7,572 

2029

  1,714 

Time deposits (before discount)

 $2,557,993 

Fair value discount

  (793)

Total time deposits (after discount)

 $2,557,200 
v3.25.0.1
Note 9 - FHLB Borrowings (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Federal Home Loan Bank, Advance, Branch of FHLBank [Table Text Block]
  

December 31, 2024

  

December 31, 2023

 
  

Amount

  

Rate

  

Amount

  

Rate

 
  

(dollars in thousands)

 

By remaining period to maturity:

                

Less than 1 year

 $660,529   4.51% $881,000   5.57%

1 year through less than 2 years

  2,050   2.23   25,000   1.00 

2 years through less than 3 years

  260   2.85   2,050   2.23 

3 years through less than 4 years

  25,000   4.18   293   2.85 

4 years through 5 years

  -   -   25,000   4.18 

After 5 Years

  261   2.96   294   2.96 

FHLB borrowings (before discount)

  688,100   4.49%  933,637   5.41%

Fair value discount

  (36)      (58)    

FHLB borrowings (after discount)

 $688,064      $933,579     
v3.25.0.1
Note 10 - Subordinated Debentures (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Long-Term Debt Instruments [Table Text Block]

As of December 31, 2024

Issuance Date

 

Securities Issued

 

Liquidation Value

Coupon Rate

Maturity

Redeemable by Issuer Beginning

12/19/2003

 $5,000,000 

$1,000 per Capital Security

Floating 3-month CME Term SOFR + 285 Basis Points + 26.161 Basis Points

1/23/2034

1/23/2009

As of December 31, 2023

Issuance Date

 

Securities Issued

 

Liquidation Value

Coupon Rate

Maturity

Redeemable by Issuer Beginning

12/19/2003

 $5,000,000 

$1,000 per Capital Security

Floating 3-month CME Term SOFR + 285 Basis Points + 26.161 Basis Points

1/23/2034

1/23/2009
v3.25.0.1
Note 11 - Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
  

2024

  

2023

  

2022

 

Current:

            

Federal

 $15,556  $16,185  $33,169 

State

  11,158   9,635   13,247 

Subtotal

  26,714   25,820   46,416 

Deferred:

            

Federal

  258   2,903   (3,353)

State

  (2,298)  1,232   2,950 

Subtotal

  (2,040)  4,135   (403)

Income tax expense

 $24,674  $29,955  $46,013 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
  

2024

  

2023

  

2022

 

Income before income tax expense

 $98,467  $116,958  $171,224 

Federal statutory rate

  21%  21%  21%

Computed “expected” Federal income tax expense

  20,678   24,561   35,957 

State tax, net of federal tax benefit

  6,514   9,404   13,314 

162M adjustment

  469   779   777 

Bank owned life insurance

  (1,500)  (1,326)  (1,175)

Tax-exempt interest and dividends

  (2,632)  (2,514)  (1,969)

Tax benefits from stock-based compensation

  109   (66)  (417)

Other, net

  1,036   (883)  (474)

Income tax expense

 $24,674  $29,955  $46,013 
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
  

2024

  

2023

 
  

(dollars in thousands)

 

Deferred tax assets

        

Allowance for credit losses

 $24,891  $23,973 

Depreciation

  6   65 

Pension actuarial losses

  272   897 

New Jersey net operating loss

  2,683   1,187 

Deferred compensation

  4,919   5,240 

Unrealized losses on available-for-sale securities

  25,959   23,365 

Deferred loan costs, net of fees

  1,608   1,628 

Finance lease

  163   192 

Nonaccrual interest

  275   111 

Operating lease liability

  4,671   3,897 

Other

  1,519   1,887 

Total deferred tax assets

 $66,966  $62,442 

Deferred tax liabilities

        

Employee benefit plans

 $(2,515) $(2,439)

Purchase accounting

  (1,599)  (1,660)

Prepaid expenses

  (1,551)  (1,386)

Unrealized gains on derivatives

  (8,790)  (10,676)

Right of use asset

  (4,304)  (3,545)

Other

  (1,240)  (1,664)

Total deferred tax liabilities

  (19,999)  (21,370)

Net deferred tax assets

 $46,967  $41,072 
v3.25.0.1
Note 13 - Commitments, Contingencies, and Concentrations of Credit Risk (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Fair Value, off-Balance-Sheet Risks [Table Text Block]
  

2024

  

2023

 
  

Fixed

  

Variable

  

Fixed

  

Variable

 
  

(dollars in thousands)

 

Commitments under commercial loans and lines of credit

 $100,430  $647,652  $96,690  $626,538 

Home equity and other revolving lines of credit

  17   41,349   22   48,764 

Outstanding commercial mortgage loan commitments

  24,139   321,771   60,039   310,535 

Standby letters of credit

  190   41,276   163   23,399 

Overdraft protection lines

  640   178   645   184 

Total

 $125,416  $1,052,226  $157,559  $1,009,420 
v3.25.0.1
Note 14 - Transactions with Executive Officers, Directors, and Principle Stockholders (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Related Party Transactions [Table Text Block]
  

2024

  

2023

 
  

(dollars in thousands)

 

Balance, January 1

 $20,323  $16,266 

Originations and drawdowns

  7,907   9,801 

Repayments

  (4,866)  (5,744)

Balance, December 31

 $23,364  $20,323 
v3.25.0.1
Note 15 - Stockholders' Equity and Regulatory Requirements (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block]
                  

For Classification

 
                  

Under Corrective

 
          

Minimum

  

Action Plan

 
          

Capital Adequacy

  

as Well Capitalized

 
  

Amount

  

Ratio

  

Amount

  

Ratio

  

Amount

  

Ratio

 

The Bank

         

(dollars in thousands)

         

December 31, 2024

                        

Leverage (Tier 1) capital

 $1,109,149   11.66% $380,444   4.00% $475,555   5.00%

Risk-Based Capital:

                        

CET 1

 $1,109,149   12.63  $395,068   4.50  $570,654   6.50 

Tier 1

  1,109,149   12.63   526,757   6.00   702,343   8.00 

Total

  1,194,249   13.60   702,343   8.00   877,929   10.00 
                         

December 31, 2023

                        

Leverage (Tier 1) capital

 $1,074,204   11.20% $383,619   4.00% $479,524   5.00%

Risk-Based Capital:

                        

CET 1

 $1,074,204   12.31  $392,643   4.50  $567,151   6.50 

Tier 1

  1,074,204   12.31   523,524   6.00   698,032   8.00 

Total

  1,158,572   13.28   698,032   8.00   872,540   10.00 
          

Minimum Capital

  

For Classification

 
          

Adequacy

  

as Well Capitalized

 
  Amount  Ratio  Amount  Ratio  Amount  Ratio 

The Company

 (dollars in thousands) 

December 31, 2024

                        

Leverage (Tier 1) capital

 $1,079,011   11.33% $380,796   4.00%  N/A   N/A 

Risk-Based Capital:

                        

CET 1

 $962,929   10.97  $395,075   4.50   N/A   N/A 

Tier 1

  1,079,011   12.29   526,767   6.00   N/A   N/A 

Total

  1,239,111   14.11   702,356   8.00   N/A   N/A 
                         

December 31, 2023

                        

Leverage (Tier 1) capital

 $1,042,481   10.86% $383,900   4.00%  N/A   N/A 

Risk-Based Capital:

                        

CET 1

 $926,399   10.62  $392,650   4.50   N/A   N/A 

Tier 1

  1,042,481   11.95   523,533   6.00   N/A   N/A 

Total

  1,201,849   13.77   698,044   8.00   N/A   N/A 
v3.25.0.1
Note 16 - Comprehensive Income (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]
                         

Affected Line Item in the

Details about Accumulated Other

  

Amounts Reclassified from Accumulated

  

Consolidated

Comprehensive Income (Loss) Components

  

Other Comprehensive Income (Loss)

  

Statements of Income
   

For the Year Ended

    
   

December 31,

    

(dollars in thousands)

  

2024

    

2023

    

2022

    

Net interest income on derivatives

   $ 21,762     $ 20,230     $ 3,243  

Interest income
      (6,117 )     (6,086 )     (976 )

Income tax expense
      15,645       14,144       2,267    

Amortization of pension plan net actuarial losses

     (171 )     (296 )     (66 )

Salaries and employee benefits
      48       89       20  

Income tax benefit
      (123 )     (207 )     (46 )  

Total reclassification

   $ 15,522     $ 13,937     $ 2,221    
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
   

2024

    

2023

  
   

(dollars in thousands)

  

Investment securities available-for-sale, net of tax

   $ (69,632 )   $ (57,835 )

Derivatives, net of tax

     22,481       24,810  

Defined benefit pension, net of tax

     (695 )     (2,084 )

Total

   $ (47,846 )   $ (35,109 )
v3.25.0.1
Note 17 - Pension and Other Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Changes in Projected Benefit Obligations [Table Text Block]
  

2024

  

2023

 
  

(dollars in thousands)

 

Change in Benefit Obligation:

        

Projected benefit obligation as of January 1,

 $9,335  $9,317 

Interest cost

  424   441 

Actuarial (gain) loss

  (433)  251 

Benefits paid

  (1,121)  (674)

Projected benefit obligation as of December 31,

 $8,205  $9,335 

Change in Plan Assets:

        

Fair value of plan assets as of January 1,

 $14,614  $13,257 

Actual return on plan assets

  2,211   2,031 

Benefits paid

  (1,121)  (674)

Fair value of plan assets as of December 31,

 $15,704  $14,614 

Funded status

 $7,499  $5,279 
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block]
  

As of December 31,

 
  

2024

  

2023

 
  

(dollars in thousands)

 

Net actuarial loss recognized in accumulated other comprehensive income (pre-tax)

 $967  $2,981 
Schedule of Net Benefit Costs [Table Text Block]
  

2024

  

2023

  

2022

 
  

(dollars in thousands)

 

Interest cost

 $424  $440  $311 

Expected return on plan assets

  (856)  (838)  (949)

Net amortization

  171   296   66 

Settlement loss

  55   -   - 

Total net periodic pension income

 $(206) $(102) $(572)
             

Actuarial gain

  (1,788)  (941)  (343)

Net amortization included in net income

  (171)  (296)  (66)

Settlement loss included in net income

  (55)  -   - 

Total changes recognized in other comprehensive income

  (2,014)  (1,237)  (409)

Total recognized in net periodic pension income and other comprehensive income

 $(2,220) $(1,339) $(981)
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block]
 

2024

 

2023

 

Discount rate

 5.38% 4.72%

Rate of compensation increase

 N/A  N/A 
  

2025

  

2024

  

2023

 
             

Discount rate

  5.38%  4.72%  4.92%

Expected long-term return on plan assets

  6.00%  6.00%  6.50%

Rate of compensation increase

  N/A   N/A   N/A 
Schedule of Allocation of Plan Assets [Table Text Block]
              

Weighted

 
              

Average

 
      

% of Plan

  

% of Plan

  

Expected

 
      

Assets –

  

Assets –

  

Long-Term

 
  

Target

  

Year Ended

  

Year Ended

  

Rate of

 
  

Allocation

  

2024

  

2023

  

Return

 

Equity Securities

                

Domestic

  60%  70%  66%  4.0%

International

  7   3   4   0.6 

Debt and/or fixed income securities

  31   24   28   1.3 

Cash and other alternative investments, including real estate funds, commodity funds, hedge funds and equity structured notes

  2   3   2   0.1 

Total

  100%  100%  100%  6.0%

 
Schedule of Changes in Fair Value of Plan Assets [Table Text Block]
  

December 31,

             
  

2024

  

Fair Value Measurements at Reporting Date Using

 
      

Quoted Prices

  

Significant

     
      

in Active

  

Other

  

Significant

 
      

Markets for

  

Observable

  

Unobservable

 
      

Identical Assets

  

Inputs

  

Inputs

 

Asset Class

     

(Level 1)

  

(Level 2)

  

(Level 3)

 
  

(dollars in thousands)

 

Cash

 $393  $393  $-  $- 

Equity securities:

                

U.S. companies

  10,952   10,952   -   - 

International companies

  475   475   -   - 

Debt and/or fixed income securities

  3,807   3,807   -   - 

Commodity funds

  52   52   -   - 

Real estate funds

  25   25   -   - 

Total

 $15,704  $15,704  $-  $- 
  

December 31,

             
  

2023

  

Fair Value Measurements at Reporting Date Using

 
      

Quoted Prices

  

Significant

     
      

in Active

  

Other

  

Significant

 
      

Markets for

  

Observable

  

Unobservable

 
      

Identical Assets

  

Inputs

  

Inputs

 

Asset Class

     

(Level 1)

  

(Level 2)

  

(Level 3)

 
  

(dollars in thousands)

 

Cash

 $201  $201  $-  $- 

Equity securities:

                

U.S. companies

  9,647   9,647   -   - 

International companies

  654   654   -   - 

Debt and/or fixed income securities

  4,012   4,012   -   - 

Commodity funds

  62   62   -   - 

Real estate funds

  38   38   -   - 

Total

 $14,614  $14,614  $-  $- 
Schedule of Defined Benefit Plans Disclosures [Table Text Block]

2025

 $732 

2026

  734 

2027

  774 

2028

  773 

2029

  761 

2030 - 2034

  3,544 
v3.25.0.1
Note 18 - Stock Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Nonvested Restricted Stock Shares Activity [Table Text Block]
      

Weighted-

 
      

Average

 
  

Nonvested

  

Grant Date

 
  

Shares

  

Fair Value

 

Nonvested as of December 31, 2023

  115,805  $17.85 

Granted

  73,943   19.09 

Vested

  (76,770)  18.42 

Forfeited

  (2,638)  18.97 

Nonvested December 31, 2024

  110,340  $18.26 
Schedule of Nonvested Performance-Based Units Activity [Table Text Block]
          

Weighted

 
          

Average Grant

 
  

Units

  

Units

  

Date Fair

 
  

(expected)

  

(maximum)

  

Value

 

Unearned as of December 31, 2023

  164,231      $23.06 

Awarded

  91,691       19.01 

Change in estimate - decrease

  (19,616)      17.93 

Change in estimate - increase

  16,667       28.79 

Vested shares

  (53,041)      25.24 

Cancelled

  (10,260)      23.10 

Unearned as of December 31, 2024

  189,672   302,196  $21.52 
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]
      

Weighted

 
      

Average Grant

 
  

Units

  

Date Fair

 
  

(expected)

  

Value

 

Unearned as of December 31, 2023

  188,348  $22.11 

Awarded

  81,736   19.01 

Vested shares

  (80,888)  23.05 

Cancelled

  (7,360)  21.53 

Unearned as of December 31, 2024

  181,836  $20.32 
v3.25.0.1
Note 20 - Derivatives (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]
  

2024

 
  

Amount of gain

  

Amount of (gain)

  

Amount of gain (loss)

 
  

(loss) recognized

  

loss reclassified

  

recognized in other

 
  

in OCI (Effective

  

from OCI to

  

Noninterest income

 

(dollars in thousands)

 

Portion)

  

interest expense

  

(Ineffective Portion)

 

Interest rate contracts

 $17,547  $(21,762) $- 
  

2023

 
  

Amount of gain

  

Amount of (gain)

  

Amount of gain (loss)

 
  

(loss) recognized

  

loss reclassified

  

recognized in other

 
  

in OCI (Effective

  

from OCI to

  

Noninterest income

 

(dollars in thousands)

 

Portion)

  

interest expense

  

(Ineffective Portion)

 

Interest rate contracts

 $9,431  $(20,230) $- 
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]
  

2024

  

2023

 
  

Notional

      

Notional

     

(dollars in thousands)

 

Amount

  

Fair Value

  

Amount

  

Fair Value

 

Included in other assets/(liabilities):

                

Interest rate contracts

 $1,000,000  $37,398  $950,000  $43,805 
v3.25.0.1
Note 21 - Fair Value Measurements and Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
      

December 31, 2024

 
      

Fair Value Measurements at Reporting Date Using

 
      

Quoted Prices

         
      

in Active

  

Significant

     
      

Markets for

  

Other

  

Significant

 
      

Identical

  

Observable

  

Unobservable

 
      

Assets

  

Inputs

  

Inputs

 
  

Total Fair Value

  

(Level 1)

  

(Level 2)

  

(Level 3)

 

(dollars in thousands)

                

Recurring fair value measurements:

                

Assets

                

Investment securities:

                

Available-for-sale:

                

Federal agency obligations

 $84,670  $-  $84,670  $- 

Residential mortgage pass-through securities

  378,838   -   378,838   - 

Commercial mortgage pass-through securities

  20,892   -   20,892   - 

Obligations of U.S. states and political subdivision

  122,404   -   115,878   6,526 

Corporate bonds and notes

  4,987   -   4,987   - 

Asset-backed securities

  885   -   885   - 

Certificates of deposit

  -   -   -   - 

Other securities

  171   171   -   - 

Total available-for-sale

 $612,847  $171  $606,150  $6,526 
                 

Equity securities

  20,092   9,739   10,353   - 

Derivatives - interest rate contracts

  37,398   -   37,398   - 

Total assets

 $670,337  $9,910  $653,901  $6,526 
      

December 31, 2023

 
      

Fair Value Measurements at Reporting Date Using

 
      

Quoted Prices

         
      

in Active

  

Significant

     
      

Markets for

  

Other

  

Significant

 
      

Identical

  

Observable

  

Unobservable

 
      

Assets

  

Inputs

  

Inputs

 
  

Total Fair Value

  

(Level 1)

  

(Level 2)

  

(Level 3)

 

(dollars in thousands)

                

Recurring fair value measurements:

                

Assets

                

Investment securities:

                

Available-for-sale:

                

Federal agency obligations

 $45,326  $-  $45,326  $- 

Residential mortgage pass-through securities

  411,191   -   411,191   - 

Commercial mortgage pass-through securities

  21,564   -   21,564   - 

Obligations of U.S. states and political subdivision

  132,705   -   125,583   7,122 

Corporate bonds and notes

  4,973   -   4,973   - 

Asset-backed securities

  1,238   -   1,238   - 

Certificates of deposit

  -   -   -   - 

Other securities

  165   165   -   - 

Total available-for-sale

 $617,162  $165  $609,875  $7,122 
                 

Equity securities

  18,564   9,867   8,697   - 

Derivatives - interest rate contracts

  43,805   -   43,805   - 

Total assets

 $679,531  $10,032  $662,377  $7,122 
Fair Value Measurements, Nonrecurring [Table Text Block]
      

Fair Value Measurements at Reporting Date Using

 
      

Quoted

         
      

Prices

         
      

in Active

  

Significant

     
      

Markets for

  

Other

  

Significant

 
      

Identical

  

Observable

  

Unobservable

 
  

December 31,

  

Assets

  

Inputs

  

Inputs

 
  

2024

  

(Level 1)

  

(Level 2)

  

(Level 3)

 

Assets measured at fair value on a nonrecurring basis:

 

(dollars in thousands)

 

Collateral dependent loans:

                

Commercial

 $726  $-  $-  $726 

Commercial real estate

  2,913   -   -   2,913 
      

Fair Value Measurements at Reporting Date Using

 
      

Quoted

         
      

Prices

         
      

in Active

  

Significant

     
      

Markets for

  

Other

  

Significant

 
      

Identical

  

Observable

  

Unobservable

 
  

December 31,

  

Assets

  

Inputs

  

Inputs

 
  

2023

  

(Level 1)

  

(Level 2)

  

(Level 3)

 

Assets measured at fair value on a nonrecurring basis:

 

(dollars in thousands)

 

Collateral dependent loans:

                

Commercial

 $657  $-  $-  $657 

Commercial real estate

  7,005   -   -   7,005 
                 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
  

Municipal

 
  

Securities

 
  

(dollars in thousands)

 

Beginning balance, January 1, 2024

 $7,122 

Principal paydowns

  (304)

Changes in unrealized gain (loss)

  (292)

Ending balance, December 31, 2024

 $6,526 
  

Municipal

 
  

Securities

 
  

(dollars in thousands)

 

Beginning balance, January 1, 2023

 $7,349 

Principal paydowns

  (272)

Changes in unrealized gain (loss)

  45 

Ending balance, December 31, 2023

 $7,122 
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

December 31, 2024

    

Valuation

 

Unobservable

   
  

Fair Value

 

Techniques

 

Input

 

Range

 

Securities available-for-sale:

    

(dollars in thousands)

     

Municipal securities

 $6,526 

Discounted cash flows

 

Discount rate

 5.0%

December 31, 2023

    

Valuation

Unobservable

    
  

Fair Value

 

Techniques

Input

 

Range

 

Securities available-for-sale:

    

(dollars in thousands)

     

Municipal securities

 $7,122 

Discounted cash flows

Discount rate

  4.3%
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block]

December 31, 2024

 
     

Valuation

 

Unobservable

   

(dollars in thousands)

 

Fair Value

 

Techniques

 

Input

 

Range (weighed average)

 

Commercial loans

 $726 

Appraisals of collateral

 

Adjustment for comparable sales

 

-10% to +5% (-4.3%)

 

Commercial real estate loans

  2,913 

Appraisals of collateral

 

Adjustment for comparable sales

 

-40% to +0% (-14.3%)

 

December 31, 2023

          
     

Valuation

 

Unobservable

   

(dollars in thousands)

 

Fair Value

 

Techniques

 

Input

 

Range (weighed average)

 

Commercial loans

 $657 

Appraisals of collateral

 

Adjustment for comparable sales

 -7.5% to +25% (+.1%) 

Commercial real estate loans

  7,005 

Appraisals of collateral

 

Adjustment for comparable sales

 

-15% to +0% (-10.3%)

 
           
           
Fair Value, by Balance Sheet Grouping [Table Text Block]
          

Fair Value Measurements

 
          

Quoted

         
          

Prices in

         
          

Active

  

Significant

     
          

Markets for

  

Other

  

Significant

 
          

Identical

  

Observable

  

Unobservable

 
  

Carrying

  

Fair

  

Assets

  

Inputs

  

Inputs

 
  

Amount

  

Value

  

(Level 1)

  

(Level 2)

  

(Level 3)

 
  

(dollars in thousands)

 

December 31, 2024

                    

Financial assets:

                    

Cash and due from banks

 $356,488  $356,488  $356,488  $-  $- 

Investment securities available-for-sale

  612,847   612,847   171   606,150   6,526 

Restricted investment in bank stocks

  40,449   n/a   n/a   n/a   n/a 

Equity securities

  20,092   20,092   9,739   10,353   - 

Net loans

  8,192,125   7,980,038   -   -   7,980,038 

Derivatives - interest rate contracts

  37,398   37,398   -   37,398   - 

Accrued interest receivable

  45,498   45,498   -   5,444   40,054 
                     

Financial liabilities:

                    

Noninterest-bearing deposits

  1,422,044   1,422,044   1,422,044   -   - 

Interest-bearing deposits

  6,398,070   6,387,896   3,840,870   2,547,026   - 

Borrowings

  688,064   687,273   -   687,273   - 

Subordinated debentures

  79,944   77,968   -   77,968   - 

Accrued interest payable

  9,320   9,320   -   9,320   - 
                     

December 31, 2023

                    

Financial assets:

                    

Cash and due from banks

 $242,714  $242,714  $242,714  $-  $- 

Investment securities available-for-sale

  617,162   617,162   165   609,875   7,122 

Restricted investment in bank stocks

  51,457   n/a   n/a   n/a   n/a 

Equity securities

  18,564   18,564   9,867   8,697   - 

Net loans

  8,263,171   8,001,504   -   -   8,001,504 

Derivatives - interest rate contracts

  43,805   43,805   -   43,805   - 

Accrued interest receivable

  49,108   49,108   -   5,387   43,721 
                     

Financial liabilities:

                    

Noninterest-bearing deposits

  1,259,364   1,259,364   1,259,364   -   - 

Interest-bearing deposits

  6,276,838   6,256,444   3,745,467   2,510,977   - 

Borrowings

  933,579   932,081   -   932,081   - 

Subordinated debentures

  79,439   77,952   -   77,952   - 

Accrued interest payable

  10,152   10,152   -   10,152   - 
v3.25.0.1
Note 22 - Parent Corporation Only Financial Statements (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Condensed Balance Sheet [Table Text Block]
  

Condensed Statements of Condition

 
  

As of December 31,

 
  

2024

  

2023

 
  

(dollars in thousands)

 

ASSETS

        

Cash and cash equivalents

 $36,152  $35,885 

Investment in subsidiaries

  1,276,997   1,253,497 

Investment securities

  156   156 

Equity securities

  8,654   6,957 

Other assets

  3   - 

Total assets

 $1,321,962  $1,296,495 

LIABILITIES AND STOCKHOLDERS’ EQUITY

        

Other liabilities

  314   436 

Subordinated debentures, net

  79,944   79,439 

Stockholders’ equity

  1,241,704   1,216,620 

Total liabilities and stockholders’ equity

 $1,321,962  $1,296,495 
Condensed Income Statement [Table Text Block]
  

Condensed Statements of Income

 
  

For Years Ended December 31,

 
  

2024

  

2023

  

2022

 
  

(dollars in thousands)

 

Income:

            

Dividend income from subsidiaries

 $45,950  $50,725  $36,475 

Other income

  177   946   1,638 

Total Income

  46,127   51,671   38,113 

Expenses

  (5,406)  (6,359)  (8,928)

Income before equity in undistributed earnings of subsidiaries

  40,721   45,312   29,185 

Equity in undistributed earnings of subsidiaries

  33,072   41,691   96,026 

Net Income

  73,793   87,003   125,211 

Preferred dividends

  6,036   6,036   6,037 

Net income available to common stockholders

 $67,757  $80,967  $119,174 
Condensed Cash Flow Statement [Table Text Block]
  

Condensed Statements of Cash Flows

 
  

For Years Ended December 31

 
  

2024

  

2023

  

2022

 
  

(dollars in thousands)

 
             

Cash flows from operating activities:

            

Net income

 $73,793  $87,003  $125,211 

Adjustments to reconcile net income to net cash provided by operating activities:

            

Equity in undistributed earnings of subsidiary

  (33,072)  (41,691)  (96,026)

(Gain) loss on equity securities, net

  (164)  131   45 

Amortization of subordinated debt issuance costs

  505   1,184   304 

(Increase) decrease in other assets

  (3)  699   - 

Decrease in other liabilities

  (122)  (1,384)  (14)

Net cash provided by operating activities

  40,937   45,942   29,520 
             

Cash flows from investing activities:

            

Payments for investments and advances in subsidiaries

  -   (32,250)  - 

Repayment of investments and advances in subsidiaries

  -   32,250   - 

Purchases of equity securities

  (1,533)  (2,870)  (3,538)

Net cash used in investing activities

  (1,533)  (2,870)  (3,538)
             

Cash flows from financing activities:

            

Repayment of subordinated debt

  -   (75,000)  - 

Cash dividends paid on preferred stock

  (6,036)  (6,036)  (6,037)

Cash dividends paid on common stock

  (27,281)  (25,912)  (23,428)

Purchase of treasury stock

  (5,820)  (17,497)  (13,127)

Proceeds from exercise of stock options

  -   96   124 

Net cash used in financing activities

  (39,137)  (124,349)  (42,468)
             

Increase (decrease) increase in cash and cash equivalents

  267   (81,277)  (16,486)

Cash and cash equivalents as of January 1,

  35,885   117,162   133,648 

Cash and cash equivalents as of December 31,

 $36,152  $35,885  $117,162 
v3.25.0.1
Note 23 - Quarterly Financial Information of ConnectOne Bancorp, Inc. (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Quarterly Financial Information [Table Text Block]
  

2024

 
  

4th Quarter

  

3rd Quarter

  

2nd Quarter

  

1st Quarter

 
  

(dollars in thousands, except per share data)

 

Total interest income

 $128,033  $130,242  $130,007  $129,607 

Total interest expense

  63,322   69,355   68,568   69,307 

Net interest income

  64,711   60,887   61,439   60,300 

Provision for credit losses

  3,500   3,800   2,500   4,000 

Total other income

  3,744   4,737   4,399   3,848 

Other expenses

  38,498   38,641   37,594   37,065 

Income before income taxes

  26,457   23,183   25,744   23,083 

Income tax expense

  6,086   6,022   6,688   5,878 

Net income

  20,371   17,161   19,056   17,205 

Preferred dividends

  1,509   1,509   1,509   1,509 

Net income available to common stockholders

 $18,862  $15,652  $17,547  $15,696 

Earnings per share:

                

Basic

 $0.49  $0.41  $0.46  $0.41 

Diluted

  0.49   0.41   0.46   0.41 
  

2023

 
  

4th Quarter

  

3rd Quarter

  

2nd Quarter

  

1st Quarter

 
  

(dollars in thousands, except per share data)

 

Total interest income

 $128,957  $123,686  $121,325  $116,097 

Total interest expense

  67,135   61,329   57,482   49,013 

Net interest income

  61,822   62,357   63,843   67,084 

Provision for credit losses

  2,700   1,500   3,000   1,000 

Total other income, net of securities gains

  4,209   3,562   3,438   2,792 

Other expenses

  37,845   35,784   35,450   34,870 

Income before income taxes

  25,486   28,635   28,831   34,006 

Income tax expense

  6,213   7,228   7,437   9,077 

Net income

  19,273   21,407   21,394   24,929 

Preferred dividends

  1,509   1,509   1,509   1,509 

Net income available to common stockholders

 $17,764  $19,898  $19,885  $23,420 

Earnings per share:

                

Basic

 $0.46  $0.51  $0.51  $0.60 

Diluted

  0.46   0.51   0.51   0.59 
v3.25.0.1
Note 24 - Segment Information (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
  

Consolidated Bank

 
  

2024

  

2023

  

2022

 

(dollars in thousands)

            
             

Interest income

 $517,889  $490,065  $373,746 

Noninterest income

  16,563   14,131   13,288 

Total segment income

 $534,452  $504,196  $387,034 
             

Less:

            

Interest expense

  265,314   229,789   64,544 

Segment net interest income and noninterest income

  269,138   274,407   322,490 

Less:

            

Provision for credit losses

  13,800   8,200   17,750 

Salaries and employee benefits

  90,053   88,223   80,717 

Other segment items*

  61,590   55,613   45,509 

Income tax expense

  24,673   29,955   46,014 

Segment consolidated net income

 $79,022  $92,416  $132,500 
             

Other segment disclosures

            

Interest income

 $517,889  $490,065  $373,746 

Interest expense

  265,314   229,789   64,544 

Depreciation

  4,422   4,503   3,863 

Amortization of core deposit intangibles

  1,235   1,438   1,675 

Other significant noncash items:

            

Provision for credit losses

  13,800   8,200   17,750 

Segment assets

  9,870,788   9,848,491   9,640,575 

Total expenses for segment assets

  455,431   411,781   254,533 
             

Reconciliation of assets

            

Total assets for segment

 $9,870,788  $9,848,491  $9,640,575 

Other assets

  8,812   71,123   4,373 

Total consolidated assets

 $9,879,600  $9,855,603  $9,644,948 
v3.25.0.1
Note 1a - Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies (Details Textual)
 12 Months Ended
Dec. 31, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
shares
Dec. 31, 2022
USD ($)
Number of Operating Segments 1    
Non Accrual Contractual Due (Day) 90 days    
Financing Receivable, Individually Evaluated for Credit Loss $ 56,497,000 $ 69,963,000  
Stock Repurchase Program, Repurchased, Shares (in shares) | shares 283,270 904,152  
Goodwill, Impairment Loss $ 0 $ 0 $ 0
Minimum [Member]      
Financing Receivable, Individually Evaluated for Credit Loss $ 250,000    
Minimum [Member] | Land, Buildings and Improvements [Member]      
Property, Plant and Equipment, Useful Life (Year) 4 years    
Minimum [Member] | Furniture Fixtures and Equipment [Member]      
Property, Plant and Equipment, Useful Life (Year) 3 years    
Minimum [Member] | Nonaccrual Loans [Member]      
Financing Receivable, Individually Evaluated for Credit Loss $ 250,000    
Maximum [Member] | Land, Buildings and Improvements [Member]      
Property, Plant and Equipment, Useful Life (Year) 30 years    
Maximum [Member] | Furniture Fixtures and Equipment [Member]      
Property, Plant and Equipment, Useful Life (Year) 10 years    
v3.25.0.1
Note 2 - Business Combination (Unaudited) (Details Textual) - First of Long Island Corporation [Member]
$ / shares in Units, $ in Millions
Sep. 04, 2024
USD ($)
$ / shares
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets $ 14,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans 11,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits $ 11,000
Business Acquisition, Equity Interest Issued or Issuable, Share Exchange Ratio 0.5175
Business Combination, Consideration Transferred $ 284
Share Price (in dollars per share) | $ / shares $ 23.97
v3.25.0.1
Note 3 - Earnings Per Common Share - Computation of Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net income available to common stockholders $ 18,862 $ 15,652 $ 17,547 $ 15,696 $ 17,764 $ 19,898 $ 19,885 $ 23,420 $ 67,757 $ 80,967 $ 119,174
Earnings allocated to participating securities                 (187) (216) (287)
Income attributable to common stock                 $ 67,570 $ 80,751 $ 118,887
Weighted average common shares outstanding, including participating securities (in shares)                 38,376 38,913 39,355
Weighted average participating securities (in shares)                 (106) (104) (95)
Weighted average common shares outstanding (in shares)                 38,270 38,809 39,260
Incremental shares from assumed conversions of options, deferred stock units, performance units and restricted stock (in shares)                 211 153 216
Weighted average common and equivalent shares outstanding (in shares)                 38,481 38,962 39,476
Earnings per common share:                      
Basic (in dollars per share) $ 0.49 $ 0.41 $ 0.46 $ 0.41 $ 0.46 $ 0.51 $ 0.51 $ 0.6 $ 1.77 $ 2.08 $ 3.03
Diluted (in dollars per share) $ 0.49 $ 0.41 $ 0.46 $ 0.41 $ 0.46 $ 0.51 $ 0.51 $ 0.59 $ 1.76 $ 2.07 $ 3.01
v3.25.0.1
Note 4 - Investment Securities (Details Textual)
Pure in Thousands, $ in Thousands
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Debt Securities, Available-for-sale, Holding Greater than 10 Percent of Equity 0 0
Accrued Investment Income Receivable $ 2,300 $ 2,300
Debt Securities, Available-for-Sale, Allowance for Credit Loss 0  
Asset Pledged as Collateral [Member]    
Debt Securities, Available-for-Sale, Restricted $ 184,000 $ 358,000
v3.25.0.1
Note 4 - Investment Securities - Portfolio of Securities Available-for-sale (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Amortized cost $ 708,437 $ 698,362
Gross unrealized gains 484 1,224
Gross unrealized losses (96,074) (82,424)
Securities available-for-sale 612,847 617,162
US Government Agencies Debt Securities [Member]    
Amortized cost 96,165 55,898
Gross unrealized gains 179 189
Gross unrealized losses (11,674) (10,761)
Securities available-for-sale 84,670 45,326
Residential Mortgage-Backed Securities [Member]    
Amortized cost 439,445 462,004
Gross unrealized gains 211 620
Gross unrealized losses (60,818) (51,433)
Securities available-for-sale 378,838 411,191
Commercial Mortgage-Backed Securities [Member]    
Amortized cost 24,989 25,240
Gross unrealized gains 0 0
Gross unrealized losses (4,097) (3,676)
Securities available-for-sale 20,892 21,564
US States and Political Subdivisions Debt Securities [Member]    
Amortized cost 141,775 148,795
Gross unrealized gains 89 415
Gross unrealized losses (19,460) (16,505)
Securities available-for-sale 122,404 132,705
Corporate Debt Securities [Member]    
Amortized cost 5,000 5,000
Gross unrealized gains 5 0
Gross unrealized losses (18) (27)
Securities available-for-sale 4,987 4,973
Asset-Backed Securities [Member]    
Amortized cost 892 1,260
Gross unrealized gains 0 0
Gross unrealized losses (7) (22)
Securities available-for-sale 885 1,238
Other Debt Obligations [Member]    
Amortized cost 171 165
Gross unrealized gains 0 0
Gross unrealized losses 0 0
Securities available-for-sale $ 171 $ 165
v3.25.0.1
Note 4 - Investment Securities - Scheduled Maturities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Due in one year or less, amortized cost $ 4,034  
Due in one year or less, fair value 4,040  
Due after one year through five years, amortized cost 5,304  
Due after one year through five years, fair value 5,282  
Due after five years through ten years, amortized cost 10,400  
Due after five years through ten years, fair value 9,132  
Due after ten years, amortized cost 224,094  
Due after ten years, fair value 194,492  
Total investment securities available-for-sale, amortized cost 708,437 $ 698,362
Investment securities 612,847 617,162
Residential Mortgage-Backed Securities [Member]    
Securities available-for-sale, without single maturity date, amortized cost 439,445  
Securities available-for-sale, without single maturity date, fair value 378,838  
Total investment securities available-for-sale, amortized cost 439,445 462,004
Investment securities 378,838 411,191
Commercial Mortgage-Backed Securities [Member]    
Securities available-for-sale, without single maturity date, amortized cost 24,989  
Securities available-for-sale, without single maturity date, fair value 20,892  
Total investment securities available-for-sale, amortized cost 24,989 25,240
Investment securities 20,892 21,564
Other Debt Obligations [Member]    
Securities available-for-sale, without single maturity date, amortized cost 171  
Securities available-for-sale, without single maturity date, fair value 171  
Total investment securities available-for-sale, amortized cost 171 165
Investment securities $ 171 $ 165
v3.25.0.1
Note 4 - Investment Securities - Securities in an Unrealized Loss Position (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Temporarily impaired securities, fair value $ 554,720 $ 551,786
Temporarily impaired securities, unrealized losses (96,074) (82,424)
Temporarily impaired securities, fair value, less than 12 months 60,543 10,160
Temporarily impaired securities, unrealized losses, less than 12 months (1,004) (130)
Temporarily impaired securities, fair value, 12 months or longer 494,177 541,626
Temporarily impaired securities, unrealized losses, 12 months or longer (95,070) (82,294)
US Government Agencies Debt Securities [Member]    
Temporarily impaired securities, fair value 53,467 40,779
Temporarily impaired securities, unrealized losses (11,674) (10,761)
Temporarily impaired securities, fair value, less than 12 months 18,471 1,689
Temporarily impaired securities, unrealized losses, less than 12 months (60) (65)
Temporarily impaired securities, fair value, 12 months or longer 34,996 39,090
Temporarily impaired securities, unrealized losses, 12 months or longer (11,614) (10,696)
Residential Mortgage-Backed Securities [Member]    
Temporarily impaired securities, fair value 364,971 382,042
Temporarily impaired securities, unrealized losses (60,818) (51,433)
Temporarily impaired securities, fair value, less than 12 months 26,809 4,138
Temporarily impaired securities, unrealized losses, less than 12 months (604) (51)
Temporarily impaired securities, fair value, 12 months or longer 338,162 377,904
Temporarily impaired securities, unrealized losses, 12 months or longer (60,214) (51,382)
Commercial Mortgage-Backed Securities [Member]    
Temporarily impaired securities, fair value 20,892 21,565
Temporarily impaired securities, unrealized losses (4,097) (3,676)
Temporarily impaired securities, fair value, less than 12 months 0 0
Temporarily impaired securities, unrealized losses, less than 12 months 0 0
Temporarily impaired securities, fair value, 12 months or longer 20,892 21,565
Temporarily impaired securities, unrealized losses, 12 months or longer (4,097) (3,676)
US States and Political Subdivisions Debt Securities [Member]    
Temporarily impaired securities, fair value 112,523 101,189
Temporarily impaired securities, unrealized losses (19,460) (16,505)
Temporarily impaired securities, fair value, less than 12 months 13,281 1,340
Temporarily impaired securities, unrealized losses, less than 12 months (322) (7)
Temporarily impaired securities, fair value, 12 months or longer 99,242 99,849
Temporarily impaired securities, unrealized losses, 12 months or longer (19,138) (16,498)
Corporate Debt Securities [Member]    
Temporarily impaired securities, fair value 1,982 4,973
Temporarily impaired securities, unrealized losses (18) (27)
Temporarily impaired securities, fair value, less than 12 months 1,982 2,993
Temporarily impaired securities, unrealized losses, less than 12 months (18) (7)
Temporarily impaired securities, fair value, 12 months or longer 0 1,980
Temporarily impaired securities, unrealized losses, 12 months or longer 0 (20)
Asset-Backed Securities [Member]    
Temporarily impaired securities, fair value 885 1,238
Temporarily impaired securities, unrealized losses (7) (22)
Temporarily impaired securities, fair value, less than 12 months 0 0
Temporarily impaired securities, unrealized losses, less than 12 months 0 0
Temporarily impaired securities, fair value, 12 months or longer 885 1,238
Temporarily impaired securities, unrealized losses, 12 months or longer $ (7) $ (22)
v3.25.0.1
Note 5 - Loans and the Allowance for Credit Losses (Details Textual)
Pure in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Financing Receivable, after Allowance for Credit Loss $ 8,192,125 $ 8,263,171
Financing Receivable, Modified, Subsequent Default, Number of Contracts 0 0
Asset Pledged as Collateral [Member] | Federal Home Loan Bank Advances [Member]    
Financing Receivable, after Allowance for Credit Loss $ 5,800,000 $ 5,800,000
v3.25.0.1
Note 5 - Loans and the Allowance for Credit Losses - Composition of Loan Portfolio (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Gross loans $ 8,280,482 $ 8,351,841
Net deferred fees (5,672) (6,696)
Loans receivable 8,274,810 8,345,145
Commercial Portfolio Segment [Member]    
Gross loans 1,532,730 1,578,730
Commercial Real Estate Portfolio Segment [Member]    
Gross loans 5,880,679 5,895,545
Commercial Construction Portfolio Segment [Member]    
Gross loans 616,246 620,496
Residential Portfolio Segment [Member]    
Gross loans 249,691 256,041
Consumer Portfolio Segment [Member]    
Gross loans $ 1,136 $ 1,029
v3.25.0.1
Note 5 - Loans and the Allowance for Credit Losses - Composition of Loans Held-for-sale (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Loans held-for-sale $ 743 $ 0
Residential Mortgage [Member]    
Loans held-for-sale $ 743 $ 0
v3.25.0.1
Note 5 - Loans and the Allowance for Credit Losses - Loans Receivable on Nonaccrual Status (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Nonaccrual loans with ACL $ 5,899 $ 10,809
Commercial 51,411 41,715
Total Nonaccrual loans 57,310 52,524
Commercial Portfolio Segment [Member]    
Nonaccrual loans with ACL 1,744 1,763
Commercial 14,487 11,064
Total Nonaccrual loans 16,231 12,827
Commercial Real Estate Portfolio Segment [Member]    
Nonaccrual loans with ACL 3,822 8,013
Commercial 32,664 28,179
Total Nonaccrual loans 36,486 36,192
Commercial Construction Portfolio Segment [Member]    
Nonaccrual loans with ACL 0  
Commercial 2,204  
Total Nonaccrual loans 2,204 0
Residential Portfolio Segment [Member]    
Nonaccrual loans with ACL 333 1,033
Commercial 2,056 2,472
Total Nonaccrual loans $ 2,389 $ 3,505
v3.25.0.1
Note 5 - Loans and the Allowance for Credit Losses - Loans by Origination and Risk Designation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Originated Current Fiscal Year $ 511,688 $ 444,378  
Originated One Year Prior 443,185 1,873,427  
Originated Two Years Prior 1,724,765 1,891,130  
Originated Three Years Prior 1,782,673 419,300  
Originated Four Years Prior 397,679 389,442  
Originated Five or More Years Prior 1,685,185 1,497,749  
Revolving Loans 1,735,307 1,836,415  
Gross loans 8,280,482 8,351,841  
Gross write-off, current year 0 54  
Gross write-off, one year prior 0 3,397  
Gross write-off, two years prior 1,003 0  
Gross write-off, three years prior 49 0  
Gross write-off, four years prior 0 280  
Gross write-off, five years prior 10,732 13,236  
Gross write-off, revolving 1,918 82  
Gross write-off 13,702 17,049 $ 5,443
Pass [Member]      
Originated Current Fiscal Year 509,780 444,128  
Originated One Year Prior 440,166 1,862,368  
Originated Two Years Prior 1,660,146 1,888,446  
Originated Three Years Prior 1,778,072 419,299  
Originated Four Years Prior 393,127 387,013  
Originated Five or More Years Prior 1,566,356 1,435,499  
Revolving Loans 1,711,061 1,802,411  
Gross loans 8,058,708 8,239,164  
Special Mention [Member]      
Originated Current Fiscal Year 1,908 0  
Originated One Year Prior 0 10,620  
Originated Two Years Prior 56,459 0  
Originated Three Years Prior 2,538 0  
Originated Four Years Prior 1,643 562  
Originated Five or More Years Prior 66,563 28,270  
Revolving Loans 20,264 14,716  
Gross loans 149,375 54,168  
Substandard [Member]      
Originated Current Fiscal Year 0 250  
Originated One Year Prior 3,019 439  
Originated Two Years Prior 8,160 2,684  
Originated Three Years Prior 2,063 1  
Originated Four Years Prior 2,909 1,867  
Originated Five or More Years Prior 52,266 33,980  
Revolving Loans 3,982 19,288  
Gross loans 72,399 58,509  
Doubtful [Member]      
Originated Current Fiscal Year 0 0  
Originated One Year Prior 0 0  
Originated Two Years Prior 0 0  
Originated Three Years Prior 0 0  
Originated Four Years Prior 0 0  
Originated Five or More Years Prior 0 0  
Revolving Loans 0 0  
Gross loans 0 0  
Commercial Portfolio Segment [Member]      
Originated Current Fiscal Year 69,206 178,832  
Originated One Year Prior 160,086 263,210  
Originated Two Years Prior 201,124 265,946  
Originated Three Years Prior 239,820 38,910  
Originated Four Years Prior 31,360 14,900  
Originated Five or More Years Prior 133,894 127,257  
Revolving Loans 697,240 689,675  
Gross loans 1,532,730 1,578,730  
Gross write-off, current year 0 54  
Gross write-off, one year prior 0 3,397  
Gross write-off, two years prior 1,003 0  
Gross write-off, three years prior 49 0  
Gross write-off, four years prior 0 280  
Gross write-off, five years prior 316 11,094  
Gross write-off, revolving 1,918 63  
Gross write-off 3,286 14,888 2,612
Commercial Portfolio Segment [Member] | Pass [Member]      
Originated Current Fiscal Year 67,298 178,582  
Originated One Year Prior 157,067 252,151  
Originated Two Years Prior 194,602 265,705  
Originated Three Years Prior 237,065 38,909  
Originated Four Years Prior 29,717 13,726  
Originated Five or More Years Prior 111,841 112,145  
Revolving Loans 678,206 684,779  
Gross loans 1,475,796 1,545,997  
Commercial Portfolio Segment [Member] | Special Mention [Member]      
Originated Current Fiscal Year 1,908 0  
Originated One Year Prior 0 10,620  
Originated Two Years Prior 2,817 0  
Originated Three Years Prior 2,538 0  
Originated Four Years Prior 1,643 562  
Originated Five or More Years Prior 6,209 3,417  
Revolving Loans 17,491 3,199  
Gross loans 32,606 17,798  
Commercial Portfolio Segment [Member] | Substandard [Member]      
Originated Current Fiscal Year 0 250  
Originated One Year Prior 3,019 439  
Originated Two Years Prior 3,705 241  
Originated Three Years Prior 217 1  
Originated Four Years Prior 0 612  
Originated Five or More Years Prior 15,844 11,695  
Revolving Loans 1,543 1,697  
Gross loans 24,328 14,935  
Commercial Portfolio Segment [Member] | Doubtful [Member]      
Originated Current Fiscal Year 0 0  
Originated One Year Prior 0 0  
Originated Two Years Prior 0 0  
Originated Three Years Prior 0 0  
Originated Four Years Prior 0 0  
Originated Five or More Years Prior 0 0  
Revolving Loans 0 0  
Gross loans 0 0  
Commercial Real Estate Portfolio Segment [Member]      
Originated Current Fiscal Year 408,314 248,660  
Originated One Year Prior 268,533 1,561,841  
Originated Two Years Prior 1,481,673 1,586,997  
Originated Three Years Prior 1,511,933 352,445  
Originated Four Years Prior 341,305 354,646  
Originated Five or More Years Prior 1,453,635 1,276,583  
Revolving Loans 415,286 514,373  
Gross loans 5,880,679 5,895,545  
Gross write-off, current year 0 0  
Gross write-off, one year prior 0 0  
Gross write-off, two years prior 0 0  
Gross write-off, three years prior 0 0  
Gross write-off, four years prior 0 0  
Gross write-off, five years prior 10,416 2,142  
Gross write-off, revolving 0 0  
Gross write-off 10,416 2,142 2,819
Commercial Real Estate Portfolio Segment [Member] | Pass [Member]      
Originated Current Fiscal Year 408,314 248,660  
Originated One Year Prior 268,533 1,561,841  
Originated Two Years Prior 1,424,209 1,585,109  
Originated Three Years Prior 1,510,087 352,445  
Originated Four Years Prior 339,553 353,391  
Originated Five or More Years Prior 1,357,858 1,232,240  
Revolving Loans 415,286 497,588  
Gross loans 5,723,840 5,831,274  
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member]      
Originated Current Fiscal Year 0 0  
Originated One Year Prior 0 0  
Originated Two Years Prior 53,642 0  
Originated Three Years Prior 0 0  
Originated Four Years Prior 0 0  
Originated Five or More Years Prior 59,719 24,202  
Revolving Loans 0 0  
Gross loans 113,361 24,202  
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member]      
Originated Current Fiscal Year 0 0  
Originated One Year Prior 0 0  
Originated Two Years Prior 3,822 1,888  
Originated Three Years Prior 1,846 0  
Originated Four Years Prior 1,752 1,255  
Originated Five or More Years Prior 36,058 20,141  
Revolving Loans 0 16,785  
Gross loans 43,478 40,069  
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member]      
Originated Current Fiscal Year 0 0  
Originated One Year Prior 0 0  
Originated Two Years Prior 0 0  
Originated Three Years Prior 0 0  
Originated Four Years Prior 0 0  
Originated Five or More Years Prior 0 0  
Revolving Loans 0 0  
Gross loans 0 0  
Commercial Construction Portfolio Segment [Member]      
Originated Current Fiscal Year 15,390 582  
Originated One Year Prior 0 5,463  
Originated Two Years Prior 2,137 15,645  
Originated Three Years Prior 8,995 6,236  
Originated Four Years Prior 6,518 0  
Originated Five or More Years Prior 0 0  
Revolving Loans 583,206 592,570  
Gross loans 616,246 620,496  
Gross write-off, current year 0 0  
Gross write-off, one year prior 0 0  
Gross write-off, two years prior 0 0  
Gross write-off, three years prior 0 0  
Gross write-off, four years prior 0 0  
Gross write-off, five years prior 0 0  
Gross write-off, revolving 0 0  
Gross write-off 0 0 (0)
Commercial Construction Portfolio Segment [Member] | Pass [Member]      
Originated Current Fiscal Year 15,390 582  
Originated One Year Prior 0 5,463  
Originated Two Years Prior 2,137 15,645  
Originated Three Years Prior 8,995 6,236  
Originated Four Years Prior 6,518 0  
Originated Five or More Years Prior 0 0  
Revolving Loans 581,002 583,870  
Gross loans 614,042 611,796  
Commercial Construction Portfolio Segment [Member] | Special Mention [Member]      
Originated Current Fiscal Year 0 0  
Originated One Year Prior 0 0  
Originated Two Years Prior 0 0  
Originated Three Years Prior 0 0  
Originated Four Years Prior 0 0  
Originated Five or More Years Prior 0 0  
Revolving Loans 0 8,700  
Gross loans 0 8,700  
Commercial Construction Portfolio Segment [Member] | Substandard [Member]      
Originated Current Fiscal Year 0 0  
Originated One Year Prior 0 0  
Originated Two Years Prior 0 0  
Originated Three Years Prior 0 0  
Originated Four Years Prior 0 0  
Originated Five or More Years Prior 0 0  
Revolving Loans 2,204 0  
Gross loans 2,204 0  
Commercial Construction Portfolio Segment [Member] | Doubtful [Member]      
Originated Current Fiscal Year 0 0  
Originated One Year Prior 0 0  
Originated Two Years Prior 0 0  
Originated Three Years Prior 0 0  
Originated Four Years Prior 0 0  
Originated Five or More Years Prior 0 0  
Revolving Loans 0 0  
Gross loans 0 0  
Residential Portfolio Segment [Member]      
Originated Current Fiscal Year 17,763 15,455  
Originated One Year Prior 14,542 42,830  
Originated Two Years Prior 39,830 22,542  
Originated Three Years Prior 21,925 21,704  
Originated Four Years Prior 18,496 19,896  
Originated Five or More Years Prior 97,656 93,909  
Revolving Loans 39,479 39,705  
Gross loans 249,691 256,041  
Gross write-off, current year 0 0  
Gross write-off, one year prior 0 0  
Gross write-off, two years prior 0 0  
Gross write-off, three years prior 0 0  
Gross write-off, four years prior 0 0  
Gross write-off, five years prior 0 0  
Gross write-off, revolving 0 18  
Gross write-off 0 18 9
Residential Portfolio Segment [Member] | Pass [Member]      
Originated Current Fiscal Year 17,763 15,455  
Originated One Year Prior 14,542 42,830  
Originated Two Years Prior 39,197 21,987  
Originated Three Years Prior 21,925 21,704  
Originated Four Years Prior 17,339 19,896  
Originated Five or More Years Prior 96,657 91,114  
Revolving Loans 36,471 36,082  
Gross loans 243,894 249,068  
Residential Portfolio Segment [Member] | Special Mention [Member]      
Originated Current Fiscal Year 0 0  
Originated One Year Prior 0 0  
Originated Two Years Prior 0 0  
Originated Three Years Prior 0 0  
Originated Four Years Prior 0 0  
Originated Five or More Years Prior 635 651  
Revolving Loans 2,773 2,817  
Gross loans 3,408 3,468  
Residential Portfolio Segment [Member] | Substandard [Member]      
Originated Current Fiscal Year 0 0  
Originated One Year Prior 0 0  
Originated Two Years Prior 633 555  
Originated Three Years Prior 0 0  
Originated Four Years Prior 1,157 0  
Originated Five or More Years Prior 364 2,144  
Revolving Loans 235 806  
Gross loans 2,389 3,505  
Residential Portfolio Segment [Member] | Doubtful [Member]      
Originated Current Fiscal Year 0 0  
Originated One Year Prior 0 0  
Originated Two Years Prior 0 0  
Originated Three Years Prior 0 0  
Originated Four Years Prior 0 0  
Originated Five or More Years Prior 0 0  
Revolving Loans 0 0  
Gross loans 0 0  
Consumer Portfolio Segment [Member]      
Originated Current Fiscal Year 1,015 849  
Originated One Year Prior 24 83  
Originated Two Years Prior 1 0  
Originated Three Years Prior 0 5  
Originated Four Years Prior 0 0  
Originated Five or More Years Prior 0 0  
Revolving Loans 96 92  
Gross loans 1,136 1,029  
Gross write-off, current year 0 0  
Gross write-off, one year prior 0 0  
Gross write-off, two years prior 0 0  
Gross write-off, three years prior 0 0  
Gross write-off, four years prior 0 0  
Gross write-off, five years prior 0 0  
Gross write-off, revolving 0 1  
Gross write-off 0 1 $ 3
Consumer Portfolio Segment [Member] | Pass [Member]      
Originated Current Fiscal Year 1,015 849  
Originated One Year Prior 24 83  
Originated Two Years Prior 1 0  
Originated Three Years Prior 0 5  
Originated Four Years Prior 0 0  
Originated Five or More Years Prior 0 0  
Revolving Loans 96 92  
Gross loans 1,136 1,029  
Consumer Portfolio Segment [Member] | Special Mention [Member]      
Originated Current Fiscal Year 0 0  
Originated One Year Prior 0 0  
Originated Two Years Prior 0 0  
Originated Three Years Prior 0 0  
Originated Four Years Prior 0 0  
Originated Five or More Years Prior 0 0  
Revolving Loans 0 0  
Gross loans 0 0  
Consumer Portfolio Segment [Member] | Substandard [Member]      
Originated Current Fiscal Year 0 0  
Originated One Year Prior 0 0  
Originated Two Years Prior 0 0  
Originated Three Years Prior 0 0  
Originated Four Years Prior 0 0  
Originated Five or More Years Prior 0 0  
Revolving Loans 0 0  
Gross loans 0 0  
Consumer Portfolio Segment [Member] | Doubtful [Member]      
Originated Current Fiscal Year 0 0  
Originated One Year Prior 0 0  
Originated Two Years Prior 0 0  
Originated Three Years Prior 0 0  
Originated Four Years Prior 0 0  
Originated Five or More Years Prior 0 0  
Revolving Loans 0 0  
Gross loans $ 0 $ 0  
v3.25.0.1
Note 5 - Loans and the Allowance for Credit Losses - Collateral Dependent Loans (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Gross loans $ 8,280,482 $ 8,351,841
Real Estate [Member]    
Gross loans 43,054 59,576
Other Collateral Pledged [Member]    
Gross loans 9,222 10,387
Collateral Pledged [Member]    
Gross loans 52,276 69,963
Commercial Portfolio Segment [Member]    
Gross loans 1,532,730 1,578,730
Commercial Portfolio Segment [Member] | Real Estate [Member]    
Gross loans 2,308 4,949
Commercial Portfolio Segment [Member] | Other Collateral Pledged [Member]    
Gross loans 9,222 10,387
Commercial Portfolio Segment [Member] | Collateral Pledged [Member]    
Gross loans 11,530 15,336
Commercial Real Estate Portfolio Segment [Member]    
Gross loans 5,880,679 5,895,545
Commercial Real Estate Portfolio Segment [Member] | Real Estate [Member]    
Gross loans 36,486 39,986
Commercial Real Estate Portfolio Segment [Member] | Other Collateral Pledged [Member]    
Gross loans 0 0
Commercial Real Estate Portfolio Segment [Member] | Collateral Pledged [Member]    
Gross loans 36,486 39,986
Commercial Construction Portfolio Segment [Member]    
Gross loans 616,246 620,496
Commercial Construction Portfolio Segment [Member] | Real Estate [Member]    
Gross loans 2,204 8,700
Commercial Construction Portfolio Segment [Member] | Other Collateral Pledged [Member]    
Gross loans 0 0
Commercial Construction Portfolio Segment [Member] | Collateral Pledged [Member]    
Gross loans 2,204 8,700
Residential Portfolio Segment [Member]    
Gross loans 249,691 256,041
Residential Portfolio Segment [Member] | Real Estate [Member]    
Gross loans 2,056 5,941
Residential Portfolio Segment [Member] | Other Collateral Pledged [Member]    
Gross loans 0 0
Residential Portfolio Segment [Member] | Collateral Pledged [Member]    
Gross loans $ 2,056 $ 5,941
v3.25.0.1
Note 5 - Loans and the Allowance for Credit Losses - Analysis of Aging of Loans (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Gross loans $ 8,280,482 $ 8,351,841
Nonaccrual 57,310 52,524
Financial Asset, 30 to 59 Days Past Due [Member]    
Gross loans 3,331 1,357
Financial Asset, 60 to 89 Days Past Due [Member]    
Gross loans 0 23,826
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Gross loans 0 0
Financial Asset, Past Due [Member]    
Gross loans 60,641 77,707
Financial Asset, Not Past Due [Member]    
Gross loans 8,219,841 8,274,134
Commercial Portfolio Segment [Member]    
Gross loans 1,532,730 1,578,730
Nonaccrual 16,231 12,827
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]    
Gross loans 1,340 555
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]    
Gross loans 0 0
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Gross loans 0 0
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member]    
Gross loans 17,571 13,382
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]    
Gross loans 1,515,159 1,565,348
Commercial Real Estate Portfolio Segment [Member]    
Gross loans 5,880,679 5,895,545
Nonaccrual 36,486 36,192
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]    
Gross loans 0 527
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]    
Gross loans 0 0
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Gross loans 0 0
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member]    
Gross loans 36,486 36,719
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]    
Gross loans 5,844,193 5,858,826
Commercial Construction Portfolio Segment [Member]    
Gross loans 616,246 620,496
Nonaccrual 2,204 0
Commercial Construction Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]    
Gross loans 0 0
Commercial Construction Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]    
Gross loans 0 23,600
Commercial Construction Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Gross loans 0 0
Commercial Construction Portfolio Segment [Member] | Financial Asset, Past Due [Member]    
Gross loans 2,204 23,600
Commercial Construction Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]    
Gross loans 614,042 596,896
Residential Portfolio Segment [Member]    
Gross loans 249,691 256,041
Nonaccrual 2,389 3,505
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]    
Gross loans 1,991 275
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]    
Gross loans 0 226
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Gross loans 0 0
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member]    
Gross loans 4,380 4,006
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]    
Gross loans 245,311 252,035
Consumer Portfolio Segment [Member]    
Gross loans 1,136 1,029
Nonaccrual 0 0
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]    
Gross loans 0 0
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]    
Gross loans 0 0
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Gross loans 0 0
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member]    
Gross loans 0 0
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]    
Gross loans $ 1,136 $ 1,029
v3.25.0.1
Note 5 - Loans and the Allowance for Credit Losses - Impairment Evaluation on Loans and Allowance for Credit Losses (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Individually analyzed, allowance for credit loss $ 1,235 $ 941    
Collectively evaluated, allowance for credit loss 81,238 80,616    
Less: Allowance for credit losses - loans 82,685 81,974 $ 90,513 $ 78,773
Financing Receivable, Individually Evaluated for Credit Loss 56,497 69,963    
Collectively evaluated 8,223,563 8,281,394    
Gross loans 8,280,482 8,351,841    
Financial Asset Acquired with Credit Deterioration [Member]        
Less: Allowance for credit losses - loans 212 417    
Gross loans 422 484    
Commercial Portfolio Segment [Member]        
Individually analyzed, allowance for credit loss 326 0    
Collectively evaluated, allowance for credit loss 17,740 20,215    
Less: Allowance for credit losses - loans 18,278 20,632 28,903 25,969
Financing Receivable, Individually Evaluated for Credit Loss 15,751 15,336    
Collectively evaluated 1,516,557 1,562,910    
Gross loans 1,532,730 1,578,730    
Commercial Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member]        
Less: Allowance for credit losses - loans 212 417    
Gross loans 422 484    
Commercial Real Estate Portfolio Segment [Member]        
Individually analyzed, allowance for credit loss 909 941    
Collectively evaluated, allowance for credit loss 53,868 51,337    
Less: Allowance for credit losses - loans 54,777 52,278 53,742 45,589
Financing Receivable, Individually Evaluated for Credit Loss 36,486 39,986    
Collectively evaluated 5,844,193 5,855,559    
Gross loans 5,880,679 5,895,545    
Commercial Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member]        
Less: Allowance for credit losses - loans 0 0    
Gross loans 0 0    
Commercial Construction Portfolio Segment [Member]        
Individually analyzed, allowance for credit loss 0 0    
Collectively evaluated, allowance for credit loss 5,064 4,739    
Less: Allowance for credit losses - loans 5,064 4,739 3,718 3,580
Financing Receivable, Individually Evaluated for Credit Loss 2,204 8,700    
Collectively evaluated 614,042 611,796    
Gross loans 616,246 620,496    
Commercial Construction Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member]        
Less: Allowance for credit losses - loans 0 0    
Gross loans 0 0    
Residential Portfolio Segment [Member]        
Individually analyzed, allowance for credit loss 0 0    
Collectively evaluated, allowance for credit loss 4,561 4,320    
Less: Allowance for credit losses - loans 4,561 4,320 4,143 3,628
Financing Receivable, Individually Evaluated for Credit Loss 2,056 5,941    
Collectively evaluated 247,635 250,100    
Gross loans 249,691 256,041    
Residential Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member]        
Less: Allowance for credit losses - loans 0 0    
Gross loans 0 0    
Consumer Portfolio Segment [Member]        
Individually analyzed, allowance for credit loss 0 0    
Collectively evaluated, allowance for credit loss 5 5    
Less: Allowance for credit losses - loans 5 5 $ 7 $ 7
Financing Receivable, Individually Evaluated for Credit Loss 0 0    
Collectively evaluated 1,136 1,029    
Gross loans 1,136 1,029    
Consumer Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member]        
Less: Allowance for credit losses - loans 0 0    
Gross loans $ 0 $ 0    
v3.25.0.1
Note 5 - Loans and the Allowance for Credit Losses - Activity in the ACL for Loans (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Balance       $ 81,974       $ 90,513 $ 81,974 $ 90,513 $ 78,773
Charge-offs                 (13,702) (17,049) (5,443)
Recoveries                 429 86 117
Provision for credit losses $ 3,500 $ 3,800 $ 2,500 4,000 $ 2,700 $ 1,500 $ 3,000 1,000 13,984 8,424 17,066
Balance 82,685       81,974       82,685 81,974 90,513
Commercial Portfolio Segment [Member]                      
Balance       20,632       28,903 20,632 28,903 25,969
Charge-offs                 (3,286) (14,888) (2,612)
Recoveries                 392 10 54
Provision for credit losses                 540 6,607 5,492
Balance 18,278       20,632       18,278 20,632 28,903
Commercial Real Estate Portfolio Segment [Member]                      
Balance       52,278       53,742 52,278 53,742 45,589
Charge-offs                 (10,416) (2,142) (2,819)
Recoveries                 31 0 0
Provision for credit losses                 12,884 678 10,972
Balance 54,777       52,278       54,777 52,278 53,742
Commercial Construction Portfolio Segment [Member]                      
Balance       4,739       3,718 4,739 3,718 3,580
Charge-offs                 0 0 0
Recoveries                 0 0 0
Provision for credit losses                 325 1,021 138
Balance 5,064       4,739       5,064 4,739 3,718
Residential Portfolio Segment [Member]                      
Balance       4,320       4,143 4,320 4,143 3,628
Charge-offs                 0 (18) (9)
Recoveries                 6 68 63
Provision for credit losses                 235 127 461
Balance 4,561       4,320       4,561 4,320 4,143
Consumer Portfolio Segment [Member]                      
Balance       $ 5       $ 7 5 7 7
Charge-offs                 0 (1) (3)
Recoveries                 0 8 0
Provision for credit losses                 0 (9) 3
Balance $ 5       $ 5       $ 5 $ 5 $ 7
v3.25.0.1
Note 5 - Loans and the Allowance for Credit Losses - Amortized Cost of of the Modified Loans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Modified $ 83,317 $ 17,798
Loans Modified, Gross $ 7,663,100 $ 7,474,275
Modified, percentage 1.09% 0.24%
Weighted Average Term Extension (Month) 142 months 216 months
Weighted Average Payment Reduction $ 6 $ 0
Weighted Average Interest Rate Reduction 0.80% 1.90%
Weighted Average [Member]    
Payment Deferral (Month) 3 months 6 months
Extended Maturity [Member]    
Modified $ 19,054 $ 243
Payment Deferral [Member]    
Modified 126 10,283
Contractual Interest Rate Reduction [Member]    
Modified 63,804 7,272
Principal Forgiveness [Member]    
Modified 333 0
Commercial Portfolio Segment [Member]    
Modified 18,100 10,317
Loans Modified, Gross $ 1,532,730 $ 1,578,730
Modified, percentage 1.18% 0.65%
Weighted Average Term Extension (Month) 6 months 36 months
Weighted Average Payment Reduction $ 6  
Commercial Portfolio Segment [Member] | Weighted Average [Member]    
Payment Deferral (Month) 3 months 6 months
Commercial Portfolio Segment [Member] | Extended Maturity [Member]    
Modified $ 17,641 $ 34
Commercial Portfolio Segment [Member] | Payment Deferral [Member]    
Modified 126 10,283
Commercial Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member]    
Modified 0 0
Commercial Portfolio Segment [Member] | Principal Forgiveness [Member]    
Modified 333 0
Commercial Real Estate Portfolio Segment [Member]    
Modified 63,804 7,481
Loans Modified, Gross $ 5,880,679 $ 5,895,545
Modified, percentage 1.08% 0.13%
Weighted Average Term Extension (Month)   180 months
Weighted Average Payment Reduction   $ 0
Weighted Average Interest Rate Reduction 0.80% 1.90%
Commercial Real Estate Portfolio Segment [Member] | Extended Maturity [Member]    
Modified $ 0 $ 209
Commercial Real Estate Portfolio Segment [Member] | Payment Deferral [Member]    
Modified 0 0
Commercial Real Estate Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member]    
Modified 63,804 7,272
Commercial Real Estate Portfolio Segment [Member] | Principal Forgiveness [Member]    
Modified 0 $ 0
Residential Portfolio Segment [Member]    
Modified 1,413  
Loans Modified, Gross $ 249,691  
Modified, percentage 0.57%  
Weighted Average Term Extension (Month) 136 months  
Weighted Average Payment Reduction $ 0  
Residential Portfolio Segment [Member] | Extended Maturity [Member]    
Modified 1,413  
Residential Portfolio Segment [Member] | Payment Deferral [Member]    
Modified 0  
Residential Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member]    
Modified 0  
Residential Portfolio Segment [Member] | Principal Forgiveness [Member]    
Modified $ 0  
v3.25.0.1
Note 5 - Loans and the Allowance for Credit Losses - Aging of Modified Loans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Modified $ 83,317 $ 17,798
Financial Asset, Not Past Due [Member]    
Modified 83,317 17,798
Financial Asset, 30 to 89 Days Past Due [Member]    
Modified 0 0
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Modified 0 0
Commercial Portfolio Segment [Member]    
Modified 18,100 10,317
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]    
Modified 18,100 10,317
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 89 Days Past Due [Member]    
Modified 0 0
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Modified 0 0
Commercial Real Estate Portfolio Segment [Member]    
Modified 63,804 7,481
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]    
Modified 63,804 7,481
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 89 Days Past Due [Member]    
Modified 0 0
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Modified 0 $ 0
Residential Portfolio Segment [Member]    
Modified 1,413  
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]    
Modified 1,413  
Residential Portfolio Segment [Member] | Financial Asset, 30 to 89 Days Past Due [Member]    
Modified 0  
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Modified $ 0  
v3.25.0.1
Note 5 - Loans and the Allowance for Credit Losses - Rollforward of Allowance for Credit Losses for Unfunded Commitments (Details) - Unfunded Loan Commitment [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Balance at beginning of period $ 2,811 $ 3,035
Reversal of credit losses - unfunded commitments (184) (224)
Balance at end of period $ 2,627 $ 2,811
v3.25.0.1
Note 5 - Loans and the Allowance for Credit Losses - Summary of (Reversal of) Provision for Credit Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Provision for credit losses – loans $ 3,500 $ 3,800 $ 2,500 $ 4,000 $ 2,700 $ 1,500 $ 3,000 $ 1,000 $ 13,984 $ 8,424 $ 17,066
Provision for credit losses                 13,800 8,200 $ 17,750
Unfunded Loan Commitment [Member]                      
Reversal of credit losses - unfunded commitments                 $ (184) $ (224)  
v3.25.0.1
Note 6 - Premises and Equipment (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Depreciation $ 4,422 $ 4,503 $ 3,863
Finance Lease, Weighted Average Remaining Lease Term (Year) 3 years 10 months 24 days    
Finance Lease, Weighted Average Discount Rate, Percent 6.00%    
Finance Lease, Cost $ 300    
Operating Lease, Liability 15,498 13,171  
Operating Lease, Right-of-Use Asset $ 14,489 $ 12,007  
Operating Lease, Weighted Average Remaining Lease Term (Year) 6 years 3 months 18 days    
Operating Lease, Weighted Average Discount Rate, Percent 4.10%    
Operating Lease, Cost $ 3,500    
v3.25.0.1
Note 6 - Premises and Equipment - Property, Plant and Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment, Gross $ 75,367 $ 73,956
Less: accumulated depreciation, amortization and fair value adjustments 46,920 43,177
Bank premises and equipment, net 28,447 30,779
Land [Member]    
Property, Plant and Equipment, Gross 5,253 6,732
Building [Member]    
Property, Plant and Equipment, Gross $ 11,043 11,043
Building [Member] | Minimum [Member]    
Estimated useful life (Year) 10 years  
Building [Member] | Maximum [Member]    
Estimated useful life (Year) 25 years  
Furniture and Fixtures [Member]    
Property, Plant and Equipment, Gross $ 30,746 28,548
Furniture and Fixtures [Member] | Minimum [Member]    
Estimated useful life (Year) 3 years  
Furniture and Fixtures [Member] | Maximum [Member]    
Estimated useful life (Year) 7 years  
Leasehold Improvements [Member]    
Property, Plant and Equipment, Gross $ 28,325 $ 27,633
Leasehold Improvements [Member] | Minimum [Member]    
Estimated useful life (Year) 10 years  
Leasehold Improvements [Member] | Maximum [Member]    
Estimated useful life (Year) 20 years  
v3.25.0.1
Note 6 - Premises and Equipment - Schedule of Capital Lease in Premises and Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Finance lease $ 3,423 $ 3,423
Less: accumulated amortization 2,738 2,567
Capital Lease in Premises and Equipment, Net $ 685 $ 856
v3.25.0.1
Note 6 - Premises and Equipment - Schedule of Future Minimum Lease Payments for Finance Leases (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
2025 $ 353
2026 353
2027 353
2028 322
Thereafter 0
Total minimum lease payments 1,381
Less amount representing interest 147
Present value of net minimum lease payments $ 1,234
v3.25.0.1
Note 6 - Premises and Equipment - Schedule of Future Minimum Lease Payments for Finance Leases (Details) (Parentheticals)
Dec. 31, 2024
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other Liabilities
v3.25.0.1
Note 6 - Premises and Equipment - Schedule of Future Minimum Rental Payments for Operating Leases (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Less than 1 year $ 3,576  
1 year through less than 2 years 3,507  
2 years through less than 3 years 2,863  
3 years through less than 4 years 2,384  
4 years through 5 years 1,141  
After 5 years 4,380  
Total undiscounted cash flows 17,851  
Impact of discounting (2,353)  
Operating lease liabilities $ 15,498 $ 13,171
v3.25.0.1
Note 7 - Goodwill and Other Intangible Assets (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill, Impairment Loss $ 0 $ 0 $ 0
Amortization of Intangible Assets 1,235 $ 1,438 $ 1,685
Core Deposits [Member]      
Amortization of Intangible Assets $ 5,300    
v3.25.0.1
Note 7 - Goodwill and Other Intangible Assets - Schedule of Change in Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Balance $ 208,372 $ 208,372  
Acquired goodwill 0 0  
Impairment 0 0 $ 0
Balance $ 208,372 $ 208,372 $ 208,372
v3.25.0.1
Note 7 - Goodwill and Other Intangible Assets - Intangible Assets (Details) - Core Deposits [Member] - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets, Gross $ 13,207 $ 18,515
Finite-Lived Intangible Assets, Accumulated Amortization (8,568) (12,641)
Core deposit intangibles $ 4,639 $ 5,874
v3.25.0.1
Note 7 - Goodwill and Other Intangible Assets - Estimated Amortization Expense (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
2024 $ 1,116
2025 1,050
2026 989
2027 930
2028 $ 552
v3.25.0.1
Note 8 - Deposits (Details Textual) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Time Deposits $ 2,557.2 $ 2,400.0
Deposits Received for Securities Loaned, at Carrying Value 907.2 915.5
Time Deposit Liability, above US Insurance Limit $ 731.0 $ 680.9
v3.25.0.1
Note 8 - Deposits - Schedule of Time Deposits (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
2025 $ 2,203,095  
2026 297,852  
2027 47,760  
2028 7,572  
2029 1,714  
Time deposits (before discount) 2,557,993  
Fair value discount (793)  
Total time deposits (after discount) $ 2,557,200 $ 2,400,000
v3.25.0.1
Note 9 - FHLB Borrowings (Details Textual)
$ in Billions
Dec. 31, 2024
USD ($)
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged $ 3.8
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged, Net of Over Pledged 2.4
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds $ 1.1
v3.25.0.1
Note 9 - FHLB Borrowings - FHLB Borrowings and Weighted Average Interest Rates (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Less than 1 year, amount $ 660,529 $ 881,000
Less than 1 year, rate 4.51% 5.57%
1 year through less than 2 years, amount $ 2,050 $ 25,000
1 year through less than 2 years, rate 2.23% 1.00%
2 years through less than 3 years, amount $ 260 $ 2,050
2 years through less than 3 years 2.85% 2.23%
3 years through less than 4 years, amount $ 25,000 $ 293
3 years through less than 4 years 4.18% 2.85%
4 years through 5 years, amount $ 0 $ 25,000
4 years through 5 years, rate 0.00% 4.18%
After 5 years, amount $ 261 $ 294
After 5 years, rate 2.96% 2.96%
FHLB borrowings (before discount) $ 688,100 $ 933,637
FHLB borrowings (before discount), rate 4.49% 5.41%
Fair value discount $ (36) $ (58)
Borrowings $ 688,064 $ 933,579
v3.25.0.1
Note 10 - Subordinated Debentures (Details Textual) - USD ($)
 1 Months Ended 12 Months Ended
Jul. 03, 2023
Jun. 10, 2020
Jan. 11, 2018
Dec. 31, 2003
Dec. 31, 2024
Dec. 31, 2023
Dec. 19, 2003
Subordinated Debt [Member] | The 2020 Notes [Member]              
Debt Instrument, Face Amount   $ 75,000,000          
Debt Instrument, Interest Rate, Stated Percentage   5.75%          
Subordinated Debt [Member] | The Notes [Member]              
Debt Instrument, Face Amount     $ 75,000,000        
Subordinated Debt [Member] | LIBOR - London Interbank Offered Rate [Member] | The Notes [Member]              
Debt Instrument, Basis Spread on Variable Rate     2.84%        
Subordinated Debt [Member] | Secured Overnight Financing Rate (SOFR) [Member] | The 2020 Notes [Member]              
Debt Instrument, Basis Spread on Variable Rate   5.605%          
Center Bancorp Statutory Trust II [Member]              
Debt Instrument, Face Amount         $ 5,000,000    
Center Bancorp Statutory Trust II [Member] | Subordinated Debt [Member]              
Debt Instrument, Face Amount         $ 5,000,000 $ 5,000,000,000 $ 5,000,000
Proceeds from Issuance of Debt       $ 5,200,000      
Debt Instrument, Interest Rate, Effective Percentage         7.70%    
Center Bancorp Statutory Trust II [Member] | Subordinated Debt [Member] | LIBOR - London Interbank Offered Rate [Member]              
Debt Instrument, Basis Spread on Variable Rate       2.85%      
Center Bancorp Statutory Trust II [Member] | Subordinated Debt [Member] | Secured Overnight Financing Rate (SOFR) [Member]              
Debt Instrument, Basis Spread on Variable Rate 2.85%       2.85% 2.85%  
Center Bancorp Statutory Trust II [Member] | Subordinated Debt [Member] | Tenor Spread Adjustment [Member]              
Debt Instrument, Basis Spread on Variable Rate 0.26161%       0.26161%    
v3.25.0.1
Note 10 - Subordinated Debentures - Summary of Mandatory Redeemable Trust Preferred Securities (Details) - Center Bancorp Statutory Trust II [Member] - USD ($)
 12 Months Ended
Jul. 03, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 19, 2003
Securities issued   $ 5,000,000    
Subordinated Debt [Member]        
Securities issued   $ 5,000,000 $ 5,000,000,000 $ 5,000,000
Liquidation value (in dollars per share)   $ 1,000 $ 1,000  
Maturity   Jan. 23, 2034 Jan. 23, 2034  
Redeemable by issuer beginning   Jan. 23, 2009 Jan. 23, 2009  
Subordinated Debt [Member] | Tenor Spread Adjustment [Member]        
Coupon rate 0.26161% 0.26161%    
Subordinated Debt [Member] | Secured Overnight Financing Rate (SOFR) [Member]        
Coupon rate 2.85% 2.85% 2.85%  
v3.25.0.1
Note 11 - Income Taxes (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Jun. 28, 2024
Unrecognized Tax Benefits, Ending Balance $ 0  
Surtax Percent   2.50%
Taxable Net Income Threshold   $ 10,000
Standard Corporate Business Tax, Percent   9.00%
Surtax and Corporate Business Tax Combined Rate, Percent   11.50%
Domestic Tax Jurisdiction [Member]    
Open Tax Year 2021  
State and Local Jurisdiction [Member]    
Open Tax Year 2020 2021 2022 2023 2024  
State and Local Jurisdiction [Member] | New Jersey Division of Taxation [Member]    
Operating Loss Carryforwards $ 29,500  
State and Local Jurisdiction [Member] | New Jersey Division of Taxation [Member] | Tax Year 2043 [Member]    
Operating Loss Carryforwards, Subject to Expiration 15,200  
State and Local Jurisdiction [Member] | New Jersey Division of Taxation [Member] | Tax Year 2044 [Member]    
Operating Loss Carryforwards, Subject to Expiration $ 14,300  
v3.25.0.1
Note 11 - Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current:                      
Federal, current                 $ 15,556 $ 16,185 $ 33,169
State, current                 11,158 9,635 13,247
Subtotal, current                 26,714 25,820 46,416
Deferred:                      
Federal, deferred                 258 2,903 (3,353)
State, deferred                 (2,298) 1,232 2,950
Subtotal, deferred                 (2,040) 4,135 (403)
Income tax expense $ 6,086 $ 6,022 $ 6,688 $ 5,878 $ 6,213 $ 7,228 $ 7,437 $ 9,077 $ 24,674 $ 29,955 $ 46,013
v3.25.0.1
Note 11 - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income before income tax expense $ 26,457 $ 23,183 $ 25,744 $ 23,083 $ 25,486 $ 28,635 $ 28,831 $ 34,006 $ 98,467 $ 116,958 $ 171,224
Federal statutory rate                 21.00% 21.00% 21.00%
Computed “expected” Federal income tax expense                 $ 20,678 $ 24,561 $ 35,957
State tax, net of federal tax benefit                 6,514 9,404 13,314
162M adjustment                 469 779 777
Bank owned life insurance                 (1,500) (1,326) (1,175)
Tax-exempt interest and dividends                 (2,632) (2,514) (1,969)
Tax benefits from stock-based compensation                 109 (66) (417)
Other, net                 1,036 (883) (474)
Income tax expense $ 6,086 $ 6,022 $ 6,688 $ 5,878 $ 6,213 $ 7,228 $ 7,437 $ 9,077 $ 24,674 $ 29,955 $ 46,013
v3.25.0.1
Note 11 - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets    
Allowance for credit losses $ 24,891 $ 23,973
Depreciation 6 65
Pension actuarial losses 272 897
New Jersey net operating loss 2,683 1,187
Deferred compensation 4,919 5,240
Unrealized losses on available-for-sale securities 25,959 23,365
Deferred loan costs, net of fees 1,608 1,628
Finance lease 163 192
Nonaccrual interest 275 111
Operating lease liability 4,671 3,897
Other 1,519 1,887
Total deferred tax assets 66,966 62,442
Deferred tax liabilities    
Employee benefit plans (2,515) (2,439)
Purchase accounting (1,599) (1,660)
Prepaid expenses (1,551) (1,386)
Unrealized gains on derivatives (8,790) (10,676)
Right of use asset (4,304) (3,545)
Other (1,240) (1,664)
Total deferred tax liabilities (19,999) (21,370)
Net deferred tax assets $ 46,967 $ 41,072
v3.25.0.1
Note 12 - Preferred Stock (Details Textual)
$ / shares in Thousands
 12 Months Ended
Aug. 19, 2021
USD ($)
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
shares
Stock Issued During Period, Shares, New Issues (in shares) | shares   1,533 995 153
Stock Issued During Period, Value, New Issues   $ 0 $ 0 $ 0
Preferred Stock, No Par Value (in dollars per share) | $ / shares   $ 0 $ 0  
Series A Preferred Stock [Member]        
Preferred Stock, Dividend Rate, Percentage 5.25%      
Preferred Stock, No Par Value (in dollars per share) | $ / shares $ 0      
Preferred Stock, Liquidation Preference, Value $ 1,000      
Series A Preferred Stock [Member] | Underwritten Public Offering [Member]        
Stock Issued During Period, Shares, New Issues (in shares) | shares 115,000      
Stock Issued During Period, Value, New Issues $ 115,000,000      
Depositary Shares, Interest in Preferred Stock 0.025      
Proceeds from Issuance of Preferred Stock and Preference Stock $ 110,900,000      
v3.25.0.1
Note 13 - Commitments, Contingencies and Concentrations of Credit Risk - Summary of Off-balance Sheet Risk (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Fixed Income Interest Rate [Member]    
Off-balance sheet risk $ 125,416 $ 157,559
Variable Income Interest Rate [Member]    
Off-balance sheet risk 1,052,226 1,009,420
Commitments to Extend Credit [Member] | Fixed Income Interest Rate [Member]    
Off-balance sheet risk 100,430 96,690
Commitments to Extend Credit [Member] | Variable Income Interest Rate [Member]    
Off-balance sheet risk 647,652 626,538
Home Equity Line of Credit [Member] | Fixed Income Interest Rate [Member]    
Off-balance sheet risk 17 22
Home Equity Line of Credit [Member] | Variable Income Interest Rate [Member]    
Off-balance sheet risk 41,349 48,764
Outstanding Commercial Mortgage Loan Commitments [Member] | Fixed Income Interest Rate [Member]    
Off-balance sheet risk 24,139 60,039
Outstanding Commercial Mortgage Loan Commitments [Member] | Variable Income Interest Rate [Member]    
Off-balance sheet risk 321,771 310,535
Standby Letters of Credit [Member] | Fixed Income Interest Rate [Member]    
Off-balance sheet risk 190 163
Standby Letters of Credit [Member] | Variable Income Interest Rate [Member]    
Off-balance sheet risk 41,276 23,399
Overdraft Protection Lines [Member] | Fixed Income Interest Rate [Member]    
Off-balance sheet risk 640 645
Overdraft Protection Lines [Member] | Variable Income Interest Rate [Member]    
Off-balance sheet risk $ 178 $ 184
v3.25.0.1
Note 14 - Transactions with Executive Officers, Directors, and Principle Stockholders (Details Textual) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Principal Officers, Directors, and Their Affiliates [Member] | Deposits [Member]    
Related Party Transaction, Amounts of Transaction $ 51.9 $ 32.3
v3.25.0.1
Note 14 - Transactions with Executive Officers, Directors, and Principle Stockholders - Schedule of Related Party Transactions (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Balance, January 1 $ 20,323 $ 16,266
Originations and drawdowns 7,907 9,801
Repayments (4,866) (5,744)
Balance, December 31 $ 23,364 $ 20,323
v3.25.0.1
Note 15 - Stockholders' Equity and Regulatory Requirements (Details Textual)
Dec. 31, 2024
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets, Percentage 3.61%
Total Risk Based Capital Ratio 3.10%
v3.25.0.1
Note 15 - Stockholders' Equity and Regulatory Requirements - Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Union Center National Bank [Member]    
Leverage (Tier 1) capital $ 1,109,149 $ 1,074,204
Leverage (Tier 1) capital, ratio 0.1166 0.112
Leverage (Tier 1) capital, capital adequacy $ 380,444 $ 383,619
Leverage (Tier 1) capital, capital adequacy, ratio 0.04 0.04
Leverage (Tier 1) capital, well capitalized $ 475,555 $ 479,524
Leverage (Tier 1) capital, well capitalized, ratio 0.05 0.05
CET one risk based capital $ 1,109,149 $ 1,074,204
CET one risk based capital, ratio 0.1263 0.1231
CET one risk based capital, capital adequacy $ 395,068 $ 392,643
CET one risk based capital, capital adequacy, ratio 0.045 0.045
CET one risk based capital, well capitalized $ 570,654 $ 567,151
CET one risk based capital, well capitalized, ratio 0.065 0.065
Tier 1, risk based capital $ 1,109,149 $ 1,074,204
Tier 1, risk based capital, ratio 0.1263 0.1231
Tier 1, risk based capital, capital adequacy $ 526,757 $ 523,524
Tier 1, risk based capital, capital adequacy, ratio 0.06 0.06
Tier 1, risk based capital, well capitalized $ 702,343 $ 698,032
Tier 1, risk based capital, well capitalized, ratio 0.08 0.08
Total capital $ 1,194,249 $ 1,158,572
Total capital, ratio 0.136 0.1328
Total capital, capital adequacy $ 702,343 $ 698,032
Total capital, capital adequacy, ratio 0.08 0.08
Total capital, well capitalized $ 877,929 $ 872,540
Total capital, well capitalized, ratio 0.10 0.10
Parent Company [Member]    
Leverage (Tier 1) capital $ 1,079,011 $ 1,042,481
Leverage (Tier 1) capital, ratio 0.1133 0.1086
Leverage (Tier 1) capital, capital adequacy $ 380,796 $ 383,900
Leverage (Tier 1) capital, capital adequacy, ratio 0.04 0.04
CET one risk based capital $ 962,929 $ 926,399
CET one risk based capital, ratio 0.1097 0.1062
CET one risk based capital, capital adequacy $ 395,075 $ 392,650
CET one risk based capital, capital adequacy, ratio 0.045 0.045
Tier 1, risk based capital $ 1,079,011 $ 1,042,481
Tier 1, risk based capital, ratio 0.1229 0.1195
Tier 1, risk based capital, capital adequacy $ 526,767 $ 523,533
Tier 1, risk based capital, capital adequacy, ratio 0.06 0.06
Total capital $ 1,239,111 $ 1,201,849
Total capital, ratio 0.1411 0.1377
Total capital, capital adequacy $ 702,356 $ 698,044
Total capital, capital adequacy, ratio 0.08 0.08
v3.25.0.1
Note 16 - Comprehensive Income - Reclassification out of Accumulated Other Comprehensive (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Interest income (expense) $ 63,322 $ 69,355 $ 68,568 $ 69,307 $ 67,135 $ 61,329 $ 57,482 $ 49,013      
Income tax expense 6,086 6,022 6,688 5,878 6,213 7,228 7,437 9,077 $ 24,674 $ 29,955 $ 46,013
Segment consolidated net income $ 20,371 $ 17,161 $ 19,056 $ 17,205 $ 19,273 $ 21,407 $ 21,394 $ 24,929 73,793 87,003 125,211
Salaries and employee benefits                 90,053 88,223 80,717
Reclassification out of Accumulated Other Comprehensive Income [Member]                      
Segment consolidated net income                 15,522 13,937 2,221
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]                      
Interest income (expense)                 21,762 20,230 3,243
Income tax expense                 48 89 20
Segment consolidated net income                 (123) (207) (46)
Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member]                      
Income tax expense                 (6,117) (6,086) (976)
Segment consolidated net income                 15,645 14,144 2,267
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]                      
Salaries and employee benefits                 $ (171) $ (296) $ (66)
v3.25.0.1
Note 16 - Comprehensive Income - Accumulated Other Comprehensive (Loss) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Balance $ 1,241,704 $ 1,216,620 $ 1,178,751 $ 1,124,212
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member]        
Balance (69,632) (57,835)    
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]        
Balance 22,481 24,810    
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]        
Balance (695) (2,084)    
AOCI Attributable to Parent [Member]        
Balance $ (47,846) $ (35,109) $ (32,364) $ (1,404)
v3.25.0.1
Note 17 - Pension and Other Benefits (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2018
Dec. 31, 2014
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax $ 1,448 $ 865 $ 377    
The 401(k) Plan [Member]          
Defined Contribution Plan, Employer Matching Contribution, Percent of Match       100.00% 50.00%
Defined Benefit Plan, Plan Assets, Contributions by Employer 2,800 2,600 2,200    
Pension Plan [Member]          
Defined Benefit Plan, Accumulated Benefit Obligation 8,200 9,300      
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax 500        
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year 0        
Supplemental Employee Retirement Plan [Member]          
Pension Cost (Reversal of Cost) $ 1,200 $ 400 $ 1,400    
v3.25.0.1
Note 17 - Pension and Other Benefits - Schedule of Changes in Projected Benefit Obligations (Details) - Pension Plan [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Projected benefit obligation $ 9,335 $ 9,317  
Interest cost 424 441 $ 311
Actuarial (gain) loss (433) 251  
Benefits paid (1,121) (674)  
Projected benefit obligation 8,205 9,335 9,317
Fair value of plan assets 14,614 13,257  
Actual return on plan assets 2,211 2,031  
Benefits paid (1,121) (674)  
Fair value of plan assets 15,704 14,614 $ 13,257
Funded status $ 7,499 $ 5,279  
v3.25.0.1
Note 17 - Pension and Other Benefits - Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Pension Plan [Member]    
Net actuarial loss recognized in accumulated other comprehensive income (pre-tax) $ 967 $ 2,981
v3.25.0.1
Note 17 - Pension and Other Benefits - Schedule of Net Benefit Costs (Details) - Pension Plan [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Interest cost $ 424 $ 441 $ 311
Expected return on plan assets (856) (838) (949)
Net amortization 171 296 66
Settlement loss 55 0 0
Total net periodic pension income (206) (102) (572)
Actuarial gain (1,788) (941) (343)
Net amortization included in net income (171) (296) (66)
Settlement loss included in net income (55) 0 0
Total changes recognized in other comprehensive income (2,014) (1,237) (409)
Total recognized in net periodic pension income and other comprehensive income $ (2,220) $ (1,339) $ (981)
v3.25.0.1
Note 17 - Pension and Other Benefits - Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets (Details) - Pension Plan [Member]
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Discount rate   5.38% 4.72%
Discount rate   4.72% 4.92%
Expected long-term return on plan assets   6.00% 6.50%
Forecast [Member]      
Discount rate 5.38%    
Expected long-term return on plan assets 6.00%    
v3.25.0.1
Note 17 - Pension and Other Benefits - Schedule of Allocation of Plan Assets (Details) - Pension Plan [Member]
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Target Allocation 100.00%  
Actual Allocation 100.00% 100.00%
Expected long-term return on plan assets 6.00% 6.50%
Defined Benefit Plan, Equity Securities, US [Member]    
Target Allocation 60.00%  
Actual Allocation 70.00% 66.00%
Expected long-term return on plan assets 4.00%  
Defined Benefit Plan, Equity Securities, Non-US [Member]    
Target Allocation 7.00%  
Actual Allocation 3.00% 4.00%
Expected long-term return on plan assets 0.60%  
Debt And/Or Fixed Income Securities [Member]    
Target Allocation 31.00%  
Actual Allocation 24.00% 28.00%
Expected long-term return on plan assets 1.30%  
Cash and Other Alternative Investments [Member]    
Target Allocation 2.00%  
Actual Allocation 3.00% 2.00%
Expected long-term return on plan assets 0.10%  
v3.25.0.1
Note 17 - Pension and Other Benefits - Schedule of Changes in Fair Value of Plan Assets (Details) - Pension Plan [Member] - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Fair value $ 15,704 $ 14,614 $ 13,257
Fair Value, Inputs, Level 1 [Member]      
Fair value 15,704 14,614  
Fair Value, Inputs, Level 2 [Member]      
Fair value 0 0  
Fair Value, Inputs, Level 3 [Member]      
Fair value 0 0  
Defined Benefit Plan, Cash [Member]      
Fair value 393 201  
Defined Benefit Plan, Cash [Member] | Fair Value, Inputs, Level 1 [Member]      
Fair value 393 201  
Defined Benefit Plan, Cash [Member] | Fair Value, Inputs, Level 2 [Member]      
Fair value 0 0  
Defined Benefit Plan, Cash [Member] | Fair Value, Inputs, Level 3 [Member]      
Fair value 0 0  
Defined Benefit Plan, Equity Securities, US [Member]      
Fair value 10,952 9,647  
Defined Benefit Plan, Equity Securities, US [Member] | Fair Value, Inputs, Level 1 [Member]      
Fair value 10,952 9,647  
Defined Benefit Plan, Equity Securities, US [Member] | Fair Value, Inputs, Level 2 [Member]      
Fair value 0 0  
Defined Benefit Plan, Equity Securities, US [Member] | Fair Value, Inputs, Level 3 [Member]      
Fair value 0 0  
Defined Benefit Plan, Equity Securities, Non-US [Member]      
Fair value 475 654  
Defined Benefit Plan, Equity Securities, Non-US [Member] | Fair Value, Inputs, Level 1 [Member]      
Fair value 475 654  
Defined Benefit Plan, Equity Securities, Non-US [Member] | Fair Value, Inputs, Level 2 [Member]      
Fair value 0 0  
Defined Benefit Plan, Equity Securities, Non-US [Member] | Fair Value, Inputs, Level 3 [Member]      
Fair value 0 0  
Cash and Other Alternative Investments [Member]      
Fair value 3,807 4,012  
Cash and Other Alternative Investments [Member] | Fair Value, Inputs, Level 1 [Member]      
Fair value 3,807 4,012  
Cash and Other Alternative Investments [Member] | Fair Value, Inputs, Level 2 [Member]      
Fair value 0 0  
Cash and Other Alternative Investments [Member] | Fair Value, Inputs, Level 3 [Member]      
Fair value 0 0  
Commodity Funds [Member]      
Fair value 52 62  
Commodity Funds [Member] | Fair Value, Inputs, Level 1 [Member]      
Fair value 52 62  
Commodity Funds [Member] | Fair Value, Inputs, Level 2 [Member]      
Fair value 0 0  
Commodity Funds [Member] | Fair Value, Inputs, Level 3 [Member]      
Fair value 0 0  
Employee Benefit Plan, Real Estate [Member]      
Fair value 25 38  
Employee Benefit Plan, Real Estate [Member] | Fair Value, Inputs, Level 1 [Member]      
Fair value 25 38  
Employee Benefit Plan, Real Estate [Member] | Fair Value, Inputs, Level 2 [Member]      
Fair value 0 0  
Employee Benefit Plan, Real Estate [Member] | Fair Value, Inputs, Level 3 [Member]      
Fair value $ 0 $ 0  
v3.25.0.1
Note 17 - Pension and Other Benefits - Schedule of Defined Benefit Plans Disclosures (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
2024 $ 732
2025 734
2026 774
2027 773
2028 761
2029-2033 $ 3,544
v3.25.0.1
Note 18 - Stock Based Compensation (Details Textual) - USD ($)
$ in Millions
 12 Months Ended
May 23, 2017
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares)   0 0  
Share-Based Payment Arrangement, Expense   $ 4.6 $ 4.9 $ 4.9
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount   $ 0.7    
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)   1 year 1 month 6 days    
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture (in shares)       31,383
Performance Shares [Member]        
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount   $ 1.5    
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)   1 year 9 months 18 days    
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Expected toVested (in shares)   189,674    
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Expected to Vest, Performance Obligations Exceeded (in shares)   302,196    
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)   53,041    
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares)   28,971    
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture (in shares)   24,070 52,353 22,350
Restricted Stock Units (RSUs) [Member]        
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount   $ 1.1    
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)   1 year 4 months 24 days    
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)   80,888    
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares)   43,346    
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture (in shares)   37,542 36,006  
The 2017 Equity Compensation Plan [Member]        
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) 1,200,000      
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)   332,638    
The 2017 Equity Compensation Plan [Member] | Restricted Stock, Options and Restricted Stock Units [Member]        
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) 3 years      
The 2017 Equity Compensation Plan [Member] | Restricted Stock, Options and Restricted Stock Units [Member] | Vesting Each Year [Member]        
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage 33.33%      
The 2017 Equity Compensation Plan [Member] | Performance Shares [Member]        
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) 3 years      
v3.25.0.1
Note 18 - Stock Based Compensation - Activity in Restricted Shares (Details) - Restricted Stock [Member]
 12 Months Ended
Dec. 31, 2024
$ / shares
shares
Nonvested, shares (in shares) | shares 115,805
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares $ 17.85
Granted, shares (in shares) | shares 73,943
Granted, weighted average grant date fair value (in dollars per share) | $ / shares $ 19.09
Vested, shares (in shares) | shares (76,770)
Vested, weighted average grant date fair value (in dollars per share) | $ / shares $ 18.42
Forfeited (in shares) | shares (2,638)
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares $ 18.97
Nonvested, shares (in shares) | shares 110,340
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares $ 18.26
v3.25.0.1
Note 18 - Stock Based Compensation - Summary of Unearned Performance Unit Awards (Details) - Performance Shares [Member]
 12 Months Ended
Dec. 31, 2024
$ / shares
shares
Nonvested, shares (in shares) 164,231
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares $ 23.06
Awarded, units (in shares) 91,691
Awarded, weighted average grant date fair value (in dollars per share) | $ / shares $ 19.01
Change in estimate - decrease (in shares) (19,616)
Change in estimate - decrease (in dollars per share) | $ / shares $ 17.93
Change in estimate - increase (in shares) 16,667
Change in estimate - increase (in dollars per share) | $ / shares $ 28.79
Vested shares, units (in shares) (53,041)
Vested shares, weighted average grant date fair value (in dollars per share) | $ / shares $ 25.24
Forfeited (in shares) (10,260)
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares $ 23.1
Nonvested, shares (in shares) 189,672
Unearned, units (maximum) (in shares) 302,196
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares $ 21.52
v3.25.0.1
Note 18 - Stock Based Compensation - Summary of Unearned Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member]
 12 Months Ended
Dec. 31, 2024
$ / shares
shares
Nonvested, shares (in shares) | shares 188,348
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares $ 22.11
Awarded, units (in shares) | shares 81,736
Awarded, weighted average grant date fair value (in dollars per share) | $ / shares $ 19.01
Vested shares, units (in shares) | shares (80,888)
Vested shares, weighted average grant date fair value (in dollars per share) | $ / shares $ 23.05
Forfeited (in shares) | shares (7,360)
Cancelled, weighted average grant date fair value (in dollars per share) | $ / shares $ 21.53
Nonvested, shares (in shares) | shares 181,836
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares $ 20.32
v3.25.0.1
Note 19 - Dividends and Other Restrictions (Details Textual)
$ in Millions
Dec. 31, 2024
USD ($)
Amount Available for Dividend Distribution without Affecting Capital Adequacy Requirements $ 316.3
v3.25.0.1
Note 20 - Derivatives (Details Textual)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
USD ($)
Sep. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Sep. 30, 2023
USD ($)
Jun. 30, 2023
USD ($)
Mar. 31, 2023
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Nov. 30, 2022
USD ($)
Oct. 01, 2022
USD ($)
Dec. 31, 2021
USD ($)
Interest Income (Expense), Operating $ 64,711 $ 60,887 $ 61,439 $ 60,300 $ 61,822 $ 62,357 $ 63,843 $ 67,084 $ 247,337 $ 255,106 $ 302,119      
AOCI Attributable to Parent [Member]                            
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax                 $ 0 0        
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member]                            
Derivative, Number of Instruments Held 12               12   12     12
Derivative Liability, Notional Amount $ 550,000               $ 550,000   $ 550,000     $ 550,000
Commenced Fixed Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Minimum [Member]                            
Derivative, Fixed Interest Rate 0.63%               0.63%          
Commenced Fixed Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Maximum [Member]                            
Derivative, Fixed Interest Rate 3.72%               3.72%          
Interest Rate Cap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member]                            
Derivative, Number of Instruments Held                         2  
Derivative Liability, Notional Amount                       $ 75,000 $ 150,000  
Interest Income (Expense), Operating                 $ 21,800 $ 20,200 3,300      
Interest Rate Cap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Long [Member]                            
Derivative Liability, Notional Amount                     $ 225,000      
v3.25.0.1
Note 20 - Derivatives - Net Losses Recorded in Other Comprehensive Income (Details) - Interest Rate Swap [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Derivative, amount of gain (loss) recognized in OCI $ 17,547 $ 9,431
Derivative, amount of gain (loss) reclassified from OCI to interest income (21,762) (20,230)
Derivative, Amount of gain recognized in other Noninterest income $ 0 $ 0
v3.25.0.1
Note 20 - Derivatives - Cash Flow Hedges Included in Consolidated Statements of Condition (Details) - Interest Rate Swap [Member] - Cash Flow Hedging [Member] - Designated as Hedging Instrument [Member] - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Derivative, notional amount $ 1,000,000 $ 950,000
Derivative, fair value $ 37,398 $ 43,805
v3.25.0.1
Note 21 - Fair Value Measurements and Fair Value of Financial Instruments (Details Textual) - Collateral Pledged [Member] - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Impaired Financing Receivable, with Related Allowance, Recorded Investment 1 $ 4.7 $ 9.0
Impaired Financing Receivable, Related Allowance 1 $ 1.1 $ 1.3
v3.25.0.1
Note 21 - Fair Value Measurements and Fair Value of Financial Instruments - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Securities available-for-sale $ 612,847 $ 617,162
Fair Value, Recurring [Member]    
Securities available-for-sale 612,847 617,162
Equity securities 20,092 18,564
Derivatives - interest rate contracts 37,398 43,805
Total assets 670,337 679,531
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Securities available-for-sale 171 165
Equity securities 9,739 9,867
Derivatives - interest rate contracts 0 0
Total assets 9,910 10,032
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Securities available-for-sale 606,150 609,875
Equity securities 10,353 8,697
Derivatives - interest rate contracts 37,398 43,805
Total assets 653,901 662,377
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Securities available-for-sale 6,526 7,122
Equity securities 0 0
Derivatives - interest rate contracts 0 0
Total assets 6,526 7,122
US Government Agencies Debt Securities [Member]    
Securities available-for-sale 84,670 45,326
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member]    
Securities available-for-sale 84,670 45,326
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Securities available-for-sale 0 0
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Securities available-for-sale 84,670 45,326
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Securities available-for-sale 0 0
Residential Mortgage-Backed Securities [Member]    
Securities available-for-sale 378,838 411,191
Residential Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member]    
Securities available-for-sale 378,838 411,191
Residential Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Securities available-for-sale 0 0
Residential Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Securities available-for-sale 378,838 411,191
Residential Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Securities available-for-sale 0 0
Commercial Mortgage-Backed Securities [Member]    
Securities available-for-sale 20,892 21,564
Commercial Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member]    
Securities available-for-sale 20,892 21,564
Commercial Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Securities available-for-sale 0 0
Commercial Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Securities available-for-sale 20,892 21,564
Commercial Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Securities available-for-sale 0 0
US States and Political Subdivisions Debt Securities [Member]    
Securities available-for-sale 122,404 132,705
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member]    
Securities available-for-sale 122,404 132,705
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Securities available-for-sale 0 0
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Securities available-for-sale 115,878 125,583
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Securities available-for-sale 6,526 7,122
Corporate Debt Securities [Member]    
Securities available-for-sale 4,987 4,973
Corporate Debt Securities [Member] | Fair Value, Recurring [Member]    
Securities available-for-sale 4,987 4,973
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Securities available-for-sale 0 0
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Securities available-for-sale 4,987 4,973
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Securities available-for-sale 0 0
Asset-Backed Securities [Member]    
Securities available-for-sale 885 1,238
Asset-Backed Securities [Member] | Fair Value, Recurring [Member]    
Securities available-for-sale 885 1,238
Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Securities available-for-sale 0 0
Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Securities available-for-sale 885 1,238
Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Securities available-for-sale 0 0
Certificates of Deposit [Member] | Fair Value, Recurring [Member]    
Securities available-for-sale 0 0
Certificates of Deposit [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Securities available-for-sale 0 0
Certificates of Deposit [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Securities available-for-sale 0 0
Certificates of Deposit [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Securities available-for-sale 0 0
Other Debt Obligations [Member]    
Securities available-for-sale 171 165
Other Debt Obligations [Member] | Fair Value, Recurring [Member]    
Securities available-for-sale 171 165
Other Debt Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Securities available-for-sale 171 165
Other Debt Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Securities available-for-sale 0 0
Other Debt Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Securities available-for-sale $ 0 $ 0
v3.25.0.1
Note 21 - Fair Value Measurements and Fair Value of Financial Instruments - Assets and Liabilities Measured on a Recurring Basis (Details) (Parentheticals)
Dec. 31, 2024
Dec. 31, 2023
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other Assets Other Assets
v3.25.0.1
Note 21 - Fair Value Measurements and Fair Value of Financial Instruments - Assets Measured on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Commercial Portfolio Segment [Member]    
Collateral dependent loans $ 726 $ 657
Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member]    
Collateral dependent loans 0 0
Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member]    
Collateral dependent loans 0 0
Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member]    
Collateral dependent loans 726 657
Commercial Real Estate Portfolio Segment [Member]    
Collateral dependent loans 2,913 7,005
Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member]    
Collateral dependent loans 0 0
Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member]    
Collateral dependent loans 0 0
Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member]    
Collateral dependent loans $ 2,913 $ 7,005
v3.25.0.1
Note 21 - Fair Value Measurements and Fair Value of Financial Instruments - Assets Measured on Recurring Basis Using Significant Unobservable Inputs (Details) - US States and Political Subdivisions Debt Securities [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Balance $ 7,122 $ 7,349
Principal paydowns (304) (272)
Changes in unrealized gain (loss) (292) 45
Balance $ 6,526 $ 7,122
v3.25.0.1
Note 21 - Fair Value Measurements and Fair Value of Financial Instruments - Quantitative Information About Significant Unobservable Inputs (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Securities available-for-sale $ 612,847 $ 617,162
Fair Value, Recurring [Member]    
Securities available-for-sale 612,847 617,162
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]    
Securities available-for-sale 6,526 7,122
US States and Political Subdivisions Debt Securities [Member]    
Securities available-for-sale 122,404 132,705
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member]    
Securities available-for-sale 122,404 132,705
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]    
Securities available-for-sale $ 6,526 $ 7,122
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member]    
Securities available-for-sale, rate 0.05 0.043
v3.25.0.1
Note 21 - Fair Value Measurements and Fair Value of Financial Instruments - Significant Unobservable Inputs for Assets Measured on Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member]
$ in Thousands
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Commercial Portfolio Segment [Member]    
Collateral dependent loans, fair value $ 726 $ 657
Commercial Real Estate Portfolio Segment [Member]    
Collateral dependent loans, fair value 2,913 7,005
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member]    
Collateral dependent loans, fair value 726 657
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | Valuation, Market Approach [Member] | Average Transfer Price as Price to Unpaid Principal Balance [Member]    
Collateral dependent loans, fair value $ 726 $ 657
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | Valuation, Market Approach [Member] | Average Transfer Price as Price to Unpaid Principal Balance [Member] | Maximum [Member]    
Collateral dependent loans, rate 0.05 (0.075)
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | Valuation, Market Approach [Member] | Average Transfer Price as Price to Unpaid Principal Balance [Member] | Weighted Average [Member]    
Collateral dependent loans, rate (0.043) 0.25
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | Valuation, Market Approach [Member] | Average Transfer Price as Price to Unpaid Principal Balance [Member] | Minimum [Member]    
Collateral dependent loans, rate (0.10) 0.001
Fair Value, Inputs, Level 3 [Member] | Commercial Real Estate Portfolio Segment [Member]    
Collateral dependent loans, fair value $ 2,913 $ 7,005
Fair Value, Inputs, Level 3 [Member] | Commercial Real Estate Portfolio Segment [Member] | Appraisals of Collateral Value [Member] | Measurement Input, Comparability Adjustment [Member]    
Collateral dependent loans, fair value $ 2,913 $ 7,005
Fair Value, Inputs, Level 3 [Member] | Commercial Real Estate Portfolio Segment [Member] | Appraisals of Collateral Value [Member] | Measurement Input, Comparability Adjustment [Member] | Maximum [Member]    
Collateral dependent loans, rate 0 (0.15)
Fair Value, Inputs, Level 3 [Member] | Commercial Real Estate Portfolio Segment [Member] | Appraisals of Collateral Value [Member] | Measurement Input, Comparability Adjustment [Member] | Weighted Average [Member]    
Collateral dependent loans, rate (0.143) 0
Fair Value, Inputs, Level 3 [Member] | Commercial Real Estate Portfolio Segment [Member] | Appraisals of Collateral Value [Member] | Measurement Input, Comparability Adjustment [Member] | Minimum [Member]    
Collateral dependent loans, rate (0.40) (0.103)
v3.25.0.1
Note 21 - Fair Value Measurements and Fair Value of Financial Instruments - Carrying Value and Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Securities available-for-sale $ 612,847 $ 617,162
Reported Value Measurement [Member]    
Cash and due from banks 356,488 242,714
Securities available-for-sale 612,847 617,162
Restricted investment in bank stocks 40,449 51,457
Equity securities 20,092 18,564
Net loans 8,192,125 8,263,171
Derivatives - interest rate contracts 37,398 43,805
Accrued interest receivable 45,498 49,108
Noninterest-bearing deposits 1,422,044 1,259,364
Interest-bearing deposits 6,398,070 6,276,838
Borrowings 688,064 933,579
Subordinated debentures 79,944 79,439
Accrued interest payable 9,320 10,152
Estimate of Fair Value Measurement [Member]    
Cash and due from banks 356,488 242,714
Securities available-for-sale 612,847 617,162
Equity securities 20,092 18,564
Net loans 7,980,038 8,001,504
Derivatives - interest rate contracts 37,398 43,805
Accrued interest receivable 45,498 49,108
Noninterest-bearing deposits 1,422,044 1,259,364
Interest-bearing deposits 6,387,896 6,256,444
Borrowings 687,273 932,081
Subordinated debentures 77,968 77,952
Accrued interest payable 9,320 10,152
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]    
Cash and due from banks 356,488 242,714
Securities available-for-sale 171 165
Equity securities 9,739 9,867
Net loans 0 0
Derivatives - interest rate contracts 0 0
Accrued interest receivable 0 0
Noninterest-bearing deposits 1,422,044 1,259,364
Interest-bearing deposits 3,840,870 3,745,467
Borrowings 0  
Subordinated debentures 0 0
Accrued interest payable 0 0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]    
Cash and due from banks 0 0
Securities available-for-sale 606,150 609,875
Equity securities 10,353 8,697
Net loans 0 0
Derivatives - interest rate contracts 37,398 43,805
Accrued interest receivable 5,444 5,387
Noninterest-bearing deposits 0 0
Interest-bearing deposits 2,547,026 2,510,977
Borrowings 687,273 932,081
Subordinated debentures 77,968 77,952
Accrued interest payable 9,320 10,152
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]    
Cash and due from banks 0 0
Securities available-for-sale 6,526 7,122
Equity securities 0 0
Net loans 7,980,038 8,001,504
Derivatives - interest rate contracts 0 0
Accrued interest receivable 40,054 43,721
Noninterest-bearing deposits 0 0
Interest-bearing deposits 0 0
Borrowings 0 0
Subordinated debentures 0 0
Accrued interest payable $ 0 $ 0
v3.25.0.1
Note 22 - Parent Corporation Only Financial Statements - Condensed Balance Sheet (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Assets [Abstract]        
Cash and due from banks $ 57,816 $ 61,421    
Investment securities 612,847 617,162    
Equity securities 20,092 18,564    
Other Assets 111,739 118,751    
Total assets 9,879,600 9,855,603 $ 9,644,948  
LIABILITIES AND STOCKHOLDERS’ EQUITY        
Other Liabilities 34,276 76,592    
Subordinated debentures, net of debt issuance costs 79,944 79,439    
Balance 1,241,704 1,216,620 $ 1,178,751 $ 1,124,212
Total liabilities and stockholders’ equity 9,879,600 9,855,603    
Parent Company [Member]        
Assets [Abstract]        
Cash and due from banks 36,152 35,885    
Investment in subsidiaries 1,276,997 1,253,497    
Investment securities 156 156    
Equity securities 8,654 6,957    
Other Assets 3 0    
Total assets 1,321,962 1,296,495    
LIABILITIES AND STOCKHOLDERS’ EQUITY        
Other Liabilities 314 436    
Subordinated debentures, net of debt issuance costs 79,944 79,439    
Balance 1,241,704 1,216,620    
Total liabilities and stockholders’ equity $ 1,321,962 $ 1,296,495    
v3.25.0.1
Note 22 - Parent Corporation Only Financial Statements - Condensed Income Statement (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dividends                 $ 4,349 $ 3,662 $ 1,655
Net income $ 20,371 $ 17,161 $ 19,056 $ 17,205 $ 19,273 $ 21,407 $ 21,394 $ 24,929 73,793 87,003 125,211
Preferred dividends 1,509 1,509 1,509 1,509 1,509 1,509 1,509 1,509 6,036 6,036 6,037
Net income available to common stockholders $ 18,862 $ 15,652 $ 17,547 $ 15,696 $ 17,764 $ 19,898 $ 19,885 $ 23,420 67,757 80,967 119,174
Parent Company [Member]                      
Dividends                 45,950 50,725 36,475
Other income                 177 946 1,638
Total Income                 46,127 51,671 38,113
Expenses                 (5,406) (6,359) (8,928)
Income before equity in undistributed earnings of subsidiaries                 40,721 45,312 29,185
Equity in undistributed earnings of subsidiaries                 33,072 41,691 96,026
Net income                 73,793 87,003 125,211
Preferred dividends                 6,036 6,036 6,037
Net income available to common stockholders                 $ 67,757 $ 80,967 $ 119,174
v3.25.0.1
Note 22 - Parent Corporation Only Financial Statements - Condensed Statements of Cash Flows (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment consolidated net income $ 20,371 $ 17,161 $ 19,056 $ 17,205 $ 19,273 $ 21,407 $ 21,394 $ 24,929 $ 73,793 $ 87,003 $ 125,211
(Gain) loss on equity securities, net                 (2) 117 1,521
Amortization of subordinated debt issuance costs                 505 1,184 304
(Increase) decrease in other assets                 8,691 (7,514) (12,413)
Decrease in other liabilities                 (40,118) (9,248) 48,322
Net cash provided by (used in) operating activities                 60,700 92,891 176,777
Net cash used in investing activities                 55,151 (248,038) (1,543,232)
Cash dividends paid on preferred stock                 (6,036) (6,036) (6,037)
Cash dividends paid on common stock                 (27,281) (25,912) (23,428)
Proceeds from exercise of stock options                 0 96 124
Net cash used in financing activities                 (2,077) 129,546 1,369,234
Increase (decrease) increase in cash and cash equivalents                 113,774 (25,601) 2,779
Cash and cash equivalents at beginning of period       242,714       268,315 242,714 268,315 265,536
Cash and cash equivalents at end of period 356,488       242,714       356,488 242,714 268,315
Parent Company [Member]                      
Segment consolidated net income                 73,793 87,003 125,211
Equity in undistributed earnings of subsidiary                 (33,072) (41,691) (96,026)
(Gain) loss on equity securities, net                 (164) 131 45
Amortization of subordinated debt issuance costs                 505 1,184 304
(Increase) decrease in other assets                 (3) 699 0
Decrease in other liabilities                 (122) (1,384) (14)
Net cash provided by (used in) operating activities                 40,937 45,942 29,520
Payments for investments and advances in subsidiaries                 0 (32,250) 0
Repayment of investments and advances in subsidiaries                 0 32,250 0
Purchases of equity securities                 (1,533) (2,870) (3,538)
Net cash used in investing activities                 (1,533) (2,870) (3,538)
Repayment of subordinated debt                 0 (75,000) 0
Cash dividends paid on preferred stock                 (6,036) (6,036) (6,037)
Cash dividends paid on common stock                 (27,281) (25,912) (23,428)
Purchase of treasury stock                 (5,820) (17,497) (13,127)
Proceeds from exercise of stock options                 0 96 124
Net cash used in financing activities                 (39,137) (124,349) (42,468)
Increase (decrease) increase in cash and cash equivalents                 267 (81,277) (16,486)
Cash and cash equivalents at beginning of period       $ 35,885       $ 117,162 35,885 117,162 133,648
Cash and cash equivalents at end of period $ 36,152       $ 35,885       $ 36,152 $ 35,885 $ 117,162
v3.25.0.1
Note 23 - Quarterly Financial Information of ConnectOne Bancorp, Inc. (Unaudited) - Schedule of Quarterly Financial Information (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Total interest income $ 128,033 $ 130,242 $ 130,007 $ 129,607 $ 128,957 $ 123,686 $ 121,325 $ 116,097 $ 517,889 $ 490,065 $ 373,746
Total interest expense 63,322 69,355 68,568 69,307 67,135 61,329 57,482 49,013      
Net interest income 64,711 60,887 61,439 60,300 61,822 62,357 63,843 67,084 247,337 255,106 302,119
Provision for credit losses 3,500 3,800 2,500 4,000 2,700 1,500 3,000 1,000 13,984 8,424 17,066
Total other income 3,744 4,737 4,399 3,848 4,209 3,562 3,438 2,792      
Other expenses 38,498 38,641 37,594 37,065 37,845 35,784 35,450 34,870      
Income before income tax expense 26,457 23,183 25,744 23,083 25,486 28,635 28,831 34,006 98,467 116,958 171,224
Income tax expense 6,086 6,022 6,688 5,878 6,213 7,228 7,437 9,077 24,674 29,955 46,013
Net income 20,371 17,161 19,056 17,205 19,273 21,407 21,394 24,929 73,793 87,003 125,211
Preferred dividends 1,509 1,509 1,509 1,509 1,509 1,509 1,509 1,509 6,036 6,036 6,037
Net income available to common stockholders $ 18,862 $ 15,652 $ 17,547 $ 15,696 $ 17,764 $ 19,898 $ 19,885 $ 23,420 $ 67,757 $ 80,967 $ 119,174
Basic (in dollars per share) $ 0.49 $ 0.41 $ 0.46 $ 0.41 $ 0.46 $ 0.51 $ 0.51 $ 0.6 $ 1.77 $ 2.08 $ 3.03
Diluted (in dollars per share) $ 0.49 $ 0.41 $ 0.46 $ 0.41 $ 0.46 $ 0.51 $ 0.51 $ 0.59 $ 1.76 $ 2.07 $ 3.01
v3.25.0.1
Note 24 - Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Total interest income $ 128,033 $ 130,242 $ 130,007 $ 129,607 $ 128,957 $ 123,686 $ 121,325 $ 116,097 $ 517,889 $ 490,065 $ 373,746
Noninterest income                 16,728 14,001 13,243
Interest expense                 270,552 234,959 71,627
Provision for credit losses                 13,800 8,200 17,750
Salaries and employee benefits                 90,053 88,223 80,717
Income tax expense 6,086 6,022 6,688 5,878 6,213 7,228 7,437 9,077 24,674 29,955 46,013
Segment consolidated net income 20,371 $ 17,161 $ 19,056 $ 17,205 19,273 $ 21,407 $ 21,394 $ 24,929 73,793 87,003 125,211
Depreciation and amortization of premises and equipment                 4,422 4,503 3,863
Amortization of core deposit intangible                 1,235 1,438 1,685
Total assets 9,879,600       9,855,603       9,879,600 9,855,603 9,644,948
Operating Segments [Member]                      
Total interest income                 517,889 490,065 373,746
Noninterest income                 16,563 14,131 13,288
Total segment income                 534,452 504,196 387,034
Interest expense                 265,314 229,789 64,544
Segment net interest income and noninterest income                 269,138 274,407 322,490
Provision for credit losses                 13,800 8,200 17,750
Salaries and employee benefits                 90,053 88,223 80,717
Other segment items [1]                 61,590 55,613 45,509
Income tax expense                 24,673 29,955 46,014
Segment consolidated net income                 79,022 92,416 132,500
Depreciation and amortization of premises and equipment                 4,422 4,503 3,863
Amortization of core deposit intangible                 1,235 1,438 1,675
Total assets 9,870,788       9,848,491       9,870,788 9,848,491 9,640,575
Total expenses for segment assets                 455,431 411,781 254,533
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member]                      
Total assets $ 8,812       $ 71,123       $ 8,812 $ 71,123 $ 4,373
[1] Other segment items for consolidated bank include expenses for occupancy and equipment, FDIC insurance, professional and consulting, marketing and advertising, merger expenses and other expenses.